XRP Price Remains Stable As Ripple Unlocks 1B Coins From Escrow in Routine Procedure

Ripple Labs continues its monthly token unlock program, with another 1B XRP unlocked from escrow.

According to Whale Alert, a crypto whale tracking service, Ripple unlocked a whopping 1 billion XRP worth $453.74M from escrow.

🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 1,000,000,000 #XRP (453,745,000 USD) unlocked from escrow at Ripple in multiple transactions

ℹ️ Due to an issue with the Ripple API the monthly escrows were not reported properly on July 1st. We are working on a fix.https://t.co/N7slnTEsxS

— Whale Alert (@whale_alert) July 2, 2023

 

Per data shared by Whale Alert, Ripple unlocked the 1 billion XRP coins in five different transactions. For the first transaction, Ripple unlocked 100M XRP. For the second and third transactions, the crypto behemoth also unlocked 400M and 200M from escrow, respectively.

Furthermore, Ripple also released another 100M and 200M XRP from its escrow account for the fourth and fifth transactions, respectively.

Notably, data from Bithomp shows that the five transactions occurred on July 1, 2023, at exactly 00:00 (UTC).

Whale Alert Working to Fix Issue With Ripple’s API

Although the transaction happened on July 1, Whale Alert reported it on its Twitter handle yesterday, July 2, 2023.

The crypto whale tracking service disclosed that it had an issue with the Ripple API, which made it difficult to report the transactions immediately when they happened. It assured crypto enthusiasts that it is working to fix the issue.

Ripple’s Monthly XRP Unlock

It is worth noting that the transactions are part of Ripple’s monthly token unlock program. Ripple has been unlocking huge volumes of XRP from its escrow account since 2017. The transactions are conducted in a controlled manner to keep the price of XRP stable.

Notably, Ripple’s monthly XRP unlock usually reported on the first day of every new month. Despite unlocking 1B XRP from escrow, Ripple usually puts a sizable amount of the funds back in escrow in a day or two.

This move is part of its effort to maintain the stability of XRP’s price and meet its ODL demands. When writing this line, Whale Alert has not reported whether Ripple has locked back some amounts of XRP in escrow.

XRP Down 0.1% in 24 Hours

Meanwhile, the recently unlocked 1B XRP did not impact the asset’s price much. XRP is currently changing hands at $0.483, down 0.1% in the past 24 hours.

In the same vein, XRP is also down 0.5% over the past seven days, according to data from CoinGecko.