Ripple (XRP), a prominent player in the San Francisco tech scene, has unshackled 1 billion XRP from its tightly-guarded escrow account, translating to a staggering $469.6 million in value. This liberating act of token release marks yet another milestone in Ripple’s ongoing monthly distribution program, which has been in motion since the advent of December 2017.
For some time now, the XRP team has been tirelessly working to ensure the stability of the XRP token by consistently releasing its escrow tokens. These releases are part of the network’s efforts to provide predictability of supply and maintain a secure ecosystem for its users.
As part of its relentless pursuit to foster global growth and to meet the surging appetite for XRP tokens in the digital currency realm, the Ripple network has undertaken a monthly ritual of liberating escrow funds. In keeping with this tradition, the network has once again unleashed a fresh wave of XRP tokens into the market, fueling its ongoing drive toward more significant expansion and adoption.
The ongoing Ripple versus Securities and Exchange Commission (SEC) legal battle has put a downward pressure on the price of the XRP token. However, it’s important to note that the recent release of XRP tokens from escrow wallets wasn’t intended to trigger a crash in the XRP price.
There haven’t been any reports from Whale Alert regarding any transfers of XRP to Ripple’s escrow accounts. Nevertheless, it’s expected that Ripple will re-lock some newly released coins before the upcoming weekend.
Interestingly, the recent release of 1 billion XRP tokens coincided with Ripple’s Q1 surge, where the company reported a significant increase in sales. According to the Ripple team, their sales in Q1 of 2023 skyrocketed to $361.06 million, representing a remarkable $226.31 million raise from the Q4 2022 sales figures.
In the last 24 hours, the XRP token has experienced a 2.54% decrease in price, causing it to trade at $0.4653. During this period, the token’s lowest price was $0.4618, while the highest cost was $0.4818.