Ripple, one of the leading companies in the cryptocurrency and blockchain world, has 800 million assets, according to Whale Alert data. XRP initiated the process that returned the token to its escrow. The company will now continue its regular transactions, releasing 1 billion tokens in escrow on the first day of December. did.
Three transactions allowed 800 million XRP to return to escrow: First, 500,000,000 tokens worth $304,378,440 were locked in escrow. Secondly, 200,000,000 tokens and thirdly, 100,000,000 tokens are locked in a separate tranche in Ripple escrow.
In 2017, Ripple introduced its escrow system, committing to release 55 billion tokens over 55 months in monthly installments of 1 billion XRP.
🚨 17,900,000 #XRP (10,849,815 USD) transferred from #bitso to unknown wallethttps://t.co/h5drkdL13V
NEWS CONTINUES BELOW— Whale Alert (@whale_alert) December 1, 2023
Ripple aimed to make the future of the asset predictable thanks to its escrow mechanism, by eliminating unexpected shocks or declines that could affect the XRP price.
However, it is important to note that not all of the 1 billion XRP that Ripple unlocks every month is sold or used. Typically, Ripple returns around 800 million tokens to escrow and keeps another 200 million tokens for operating costs and other business ventures.
In another move, a whopping 17.9 million XRP assets exited the Bitso crypto exchange. Whale Alert attracted attention by sharing 17,900,000 tokens worth $10,849,815 transferred from Bitso to an unknown whale wallet.
Stock market outflows are a sign that investors are shifting their funds into storage, which can be bullish because it suggests they may decide to hold onto their assets rather than sell them quickly. This suggests that investors may believe that prices are about to rise.
As of this writing, XRP was trading at $0.614, up 0.20% from the previous day.