Ripple has locked another 800 million XRP tokens in their escrow wallet after releasing another billion tokens a day before.
According to Whalestats, Ripple moved the 800 million tokens in 3 transactions 500 million, 200 million, and 100 million. These tokens will be locked till the 1st of June when the next batch of Ripple (XRP) tokens are released into circulation. Of the 1 billion tokens, 200 million have been injected into the circulation.
Ripple had put 55 billion XRP (55% of the entire potential supply) into a series of escrows to offer more certainty to the XRP supply. These escrows are stored on the ledger, and the ledger’s mechanics, which are enforced by consensus, regulate the XRP’s release. This move was done to make the Ripple token supply more predictable.
The XRP releases have been going on since 2017, and the last of these releases should take place later this year before the next escrow starts. The last escrow will end in March 2026.
No one may use or destroy XRP until the escrow has been completed or terminated successfully. Only the designated receiver can acquire the XRP before it expires. The XRP may only be refunded to the sender when the expiration time has passed.
SEC slowing Ripple (XRP) down?
Although there was a hint of positive market sentiment yesterday, with upto a 6% gain, the growth has again stalled. Ripple’s ongoing lawsuit with the SEC has severely hurt its position.
Stuart Alderoty, Ripple’s general attorney, predicted that the Ripple-SEC dispute will be resolved in 2023. He claimed that the SEC is harming US-based crypto investors who hold Ripple tokens with each passing day of the case, as when the action was brought against Ripple in December 2020, the $15 billion market value of XRP was dealt a fatal blow, and that was a blow to investors, whom the SEC professes to defend.
Moreover, Ripple is 82% down from its all-time high of $3.40 which is attained in 2018, a good two years before the SEC made its move against the company.
At press time Ripple was trading at $0.611020.