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Ripple extends final escrow deadline to 2027, continues monthly XRP release

Published Oct 31, 2023 11:19AM ET
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In the latest development in the cryptocurrency market, Ripple has extended its final escrow deadline to April 2027. The company's original plan was to release one billion XRP each month for a period of 55 months. However, the recurrent relocks of significant portions of each monthly release back into escrow from its main address, “Ripple 1,” have resulted in this extension.

This month, Ripple unlocked XRP worth $550 million and spent an additional five million tokens from past balances on sell-offs amounting to 205 million tokens. These transactions were directed to the address “rJqiM…La8nE.”

The monthly unlock of 1 billion XRP is part of the remaining 46.43 billion XRP in escrow, contributing to the total circulating supply of 53.56 billion XRP. This process involves addresses "Ripple (22)" and "Ripple (23)."

Ripple, which controlled 80 billion of the total 100 billion XRP supply created in 2012, has been managing the supply through this system of unlocks and relocks. The core team was the recipients of the initial 20 billion XRP distribution.

This strategy by Ripple is part of its efforts to manage the supply and demand dynamics of XRP in the market. By relocking a significant portion of each monthly release back into escrow, Ripple ensures a steady but controlled increase in circulating supply.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Ripple extends final escrow deadline to 2027, continues monthly XRP release
 

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