CandleFocus Ripple Unlocks 1B XRP From Escrow in October as Price Slumps 4.26%
2024-10-01
Author: Content Editor
San Francisco-based payments company Ripple has unlocked 1 billion XRP tokens from escrow in a routine procedure. The event occurred in three transactions, releasing a total value of $621.78 million. Ripple is expected to re-lock most of the funds back in escrow, as it typically does after releasing tokens. Last month, Ripple unlocked and re-locked 1 billion XRP, retaining 200 million for business purposes. This coincided with the company's payment of $125 million to the SEC for violating federal securities laws. XRP's price has seen fluctuations in the past 24 hours, but it is up in the past seven days and month. The recent XRP unlocks are likely not the sole cause of the token's performance, as the broader crypto market has also experienced corrections.
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