As a seasoned analyst with years of experience in the ever-evolving world of cryptocurrencies, I find myself intrigued by Ripple’s latest move to unlock 1 billion XRP tokens. Having closely monitored the market since its inception, I’ve seen firsthand how such events can significantly impact the price dynamics of various digital assets.
Based on information from Whale Alert, Ripple made available a billion XRP tokens on September 1st, which is part of their long-term plan for controlling the distribution of their XRP token.
Starting from 2027, the crypto firm has been holding approximately 55 billion XRP tokens in reserve as a means to control the circulation of this digital currency.
As a crypto investor, I just got some exciting news about Ripple (XRP). At 10:50 UTC+8 today, approximately 1 billion XRP were freed from the wallet address rDqGA…mKxEsF in three transactions, amounting to over $560 million dollars. This specific address has been verified as an official Ripple address by both XRPSCAN and bithomp.— Wu Blockchain (@WuBlockchain) September 1, 2024
Monthly, Ripple allots a total of 1 billion XRP tokens for distribution to maintain market consistency. Nevertheless, the exact number of these tokens that eventually enter circulation tends to be less than the specified figure.
Previously, David Schwartz, the Chief Technology Officer at Ripple, described that these tokens are typically held in a secure deposit (escrow) until they’re released.
He mentioned that the escrows will end at the start of the month. However, the XRP remains in the expired escrow unless somebody (it doesn’t matter who) decides to cancel it.
Nevertheless, Schwartz remains uncertain if the escrow system was indeed the optimal decision, given past reservations and persisting queries regarding its efficiency.
This unlock comes as XRP witnesses a drop in price. As of the time of writing, the cryptocurrency is trading at $0.557, a 2.4% dip in the last 24 hours
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2024-09-01 16:04