According to Whale Alert reporting, Ripple sent back 800 million XRP, worth about $492.5 million, to its escrow system after unlocking 1 billion XRP, worth about $610 million, on Jan. 1, 2024. This action is part of Ripple’s monthly routine of releasing and relocking a fixed amount of XRP from its escrow.
Per crypto data tracker Whale Alert, the XRP move back to the Ripple escrow was done in two transactions.
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 500,000,000 #XRP (308,354,921 USD) locked in escrow at #Ripplehttps://t.co/MAtj53YQDa
— Whale Alert (@whale_alert) January 1, 2024
In the first transaction, Ripple relocked 500,000,000 XRP worth $308,354,921 in its escrow. The second transaction returned to Ripple escrow was 300,000,000 XRP valued at $184,222,995. This comes after Ripple performed its monthly unlock of XRP tokens from its escrow.
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 300,000,000 #XRP (184,222,995 USD) locked in escrow at #Ripplehttps://t.co/UthQBpJCgf
— Whale Alert (@whale_alert) January 1, 2024
The Ripple escrow system was launched in December 2017 to ensure predictability and stability of the XRP market. This escrow mechanism is planned to last until all 55 billion XRP have been released.
At the time of writing, XRP was trading at $0.62, down 0.21% in the last 24 hours, and had a market capitalization of $33.56 billion, making it the sixth-largest cryptocurrency by market cap.
