Ripple, the digital payment protocol, unlocked another 1 billion XRP from its escrow accounts on Wednesday, as per data from Whale Alert, an analytics platform tracking large cryptocurrency transactions. This is a standard procedure Ripple has been following since December 2017 to stabilize the XRP market by gradually releasing tokens from its initial escrow holdings of 55 billion XRP.
The release was performed through three separate transactions, causing notable market fluctuations. The first transaction released 100 million XRP tokens valued at approximately $59.98 million. This was followed by two more transactions, releasing 400 million and half a billion tokens respectively, valued at $239.92 million and $299.9 million.
Following the release, the price of XRP experienced a temporary drop of 3%, but it quickly recovered. At present, XRP trades with a marginal decrease of 0.8% from Tuesday's closing price.
Interestingly, on Tuesday, XRP had shown robust performance with a surge of 10.5% at one point in the day, ending with an overall increase of 3.74%. Currently, XRP is trading around $0.6 per token, marking its highest price since mid-August 2023.
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