Key facts
- Ripple placed 700 million XRP back into its escrow system.
- The re-locked XRP was part of a scheduled monthly release of 1 billion tokens.
- Two transactions accounted for the 700 million XRP re-locked.
- The re-locked XRP was valued at approximately $952 million.
- XRP's price declined by about 3% to $1.34 amid broader market weakness.
Ripple has re-locked 700 million XRP into its escrow system following its regular monthly release of 1 billion tokens. The transactions involved placing 500 million XRP and another 200 million XRP back into escrow, with the combined value estimated at approximately $952 million.
This activity is part of Ripple's established process for managing its XRP supply. Unused portions of the monthly release can be placed into new escrow contracts with later release dates. The net effect of the release and subsequent re-lock leaves 300 million XRP outside of new escrow contracts, which is considered typical for the monthly process.
The XRP price has seen a decline of about 3% to $1.34. This drop is occurring within a broader cryptocurrency market sell-off, influenced by factors such as escalating tensions between the United States and Iran, rather than solely due to Ripple's escrow movements. Crypto lawyer Bill Morgan has stated that XRP's price decline is in line with Bitcoin and overall market sentiment.