Ripple Unlocks 1 Billion XRP, Worth Approximately $510M

Ripple unlocks XRP from its escrow account in a series of transactions on 1st September.

Last updated: February 12, 2024 4:35 AM

Published September 1, 2023 12:33 PM

Last updated: February 12, 2024 4:35 AM

Published September 1, 2023 12:33 PM

The layer 1 blockchain, Ripple has unlocked a whopping 1 billion XRP supply on September 1.

According to onchain transaction tracker WhaleAlert, Ripple has unlocked a total of 1 billion XRP from its escrow account.

🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 400,000,000 #XRP (204,298,705 USD) unlocked at #Ripple https://t.co/NATr33hobb
— Whale Alert (@whale_alert) September 1, 2023

The company has unlocked the supply in four consecutive transactions which all have the timestamp of 1st September 2023, 00:10 UTC.

All these transactions were executed in the order of 300 million, 100 million, 200 million and last 400 million. The total valuation of this newly unlocked supply accounts to over $510 million.

The transactions are sent to two different addresses which both have received an equal amount of 500 million XRP. Both these addresses (Address1, Address2) currently hold over 1 billion XRP, according to data from BlockChain explorer.

The unlock is part of Ripple’s regular monthly distribution of XRP tokens from escrow, and with this strategic move, it aims to maintain the liquidity of XRP in the ecosystem.