San Francisco-based cryptocurrency giant Ripple Labs released yet another token from escrow accounts, releasing a staggering 1 billion XRP as we head into March.
Over the past 10 hours, the XRP Escrow Bot Twitter account has highlighted four transactions, two for 400,000,000 and two for 100,000,000.
400,000,000 XRP have just been released as part of Ripple’s monthly escrow process.
A rehosting transaction occurs after each release. Learn about Ripple’s XRP escrow process here: https://t.co/6WPmhRS6Qm
— XRP Escrow Bot (@XRP_EscrowBot) March 1, 2023
Meanwhile, the price of the sixth-largest cryptocurrency XRP recorded gains of more than 3% today, touching a high of $0.384. At the time of writing, the altcoin has retreated slightly from the aforementioned highs, but is still holding gains of around 2%.
XRP price chart. Source: TradingView
1 billion more XRP issued
Cryptocurrency giant Ripple, which is currently battling a lawsuit with the SEC, conducted another programmatic cryptocurrency offering, transferring 1 billion XRP tokens from an escrow account. At the current XRP/USD price, this amount of XRP is equivalent to $382,000,000.
Ripple regularly withdraws 1 billion XRP tokens on the first of every month. The data shared by the XRParcade platform shows that Ripple’s withdrawal has lasted for 62 months, but this does not mean that it has released 62 billion XRP to the market.
This is the actual amount of XRP released
The actual number of XRP tokens issued is much smaller, as the majority of monthly XRP withdrawals are typically locked in escrow. From the 62 billion tokens Ripple has unlocked since January 2018, it has returned 50,100,000,000 XRP, according to XRParcade.
The company unlocks 1 billion at a time and then transfers 70-800 million XRP back to the escrow account. The remaining unlocked funds are sold by the company to pay for its own operating costs or to send XRP to its corridor or ODL customers.
In short, a total of 50,100,000,000 XRP has been withdrawn and transferred back to escrow accounts over the past 5 years. Currently, Ripple still holds 43,100,000,000 XRP locked.
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According to USA Today