San Francisco-based company Ripple (XRP) has unlocked 1 billion XRP from its escrow account, equivalent to $469.6 million. The company released the XRP tokens as part of its monthly distribution, which commenced in December 2017.
The Ripple network has been consistently releasing its escrow tokens as part of its efforts to provide supply predictability and maintain the stability of the XRP token. This is not the first instance of such a release, as the XRP team has been doing this continuously.
This new release is the latest of the XRP network’s monthly escrow releases, which the business performs monthly. This project is intended to promote the global expansion and adaptation of the Ripple network and meet the growing demand for XRP tokens in the cryptocurrency market.
The Ripple vs. Securities and Exchange Commission (SEC) case has been exerting downward pressure on the price of the XRP token. Nonetheless, it is essential to note that the recent release of XRP tokens from escrow wallets was not intended to trigger a crash in the XRP price.
As of now, Whale Alert has not reported any transfer of XRP to Ripple’s escrow accounts. Nevertheless, it is anticipated that Ripple will re-lock some newly released coins before the upcoming weekend.
The recent release of 1 billion XRP tokens coincides with Ripple’s Q1 surge, during which the company reported a significant increase in sales. According to the Ripple team, their sales in Q1 of 2023 surged to $361.06 million, representing a remarkable $226.31 million raise from the Q4 2022 sales figures.
Over the past 24 hours, the price of the XRP token has experienced a 2.54% decrease, causing it to trade at $0.4653. During this period, the lowest price that the token sold was $0.4618, while the highest cost was recorded at $0.4818.