.Ripple locks 700 million $XRP back after withdrawing 1 billion XRP from escrow
As U.Today reported, three days ago, as 2023 started, Ripple conducted itsof a staggering billion XRP from one of its escrow accounts. These releases of XRP started five years ago, when the blockchain giant decided to support the liquidity of XRP tokens on the crypto market and began sending part of this monthly released billion to crypto exchanges, banks and payment operators that partnered with Ripple.
As a rule, Ripple moves roughly two thirds of the released billion coins back to escrow to lock them there until the next withdrawal.This is exactly what happened 20 hours ago — Ripple moved one billion XRP in chunks of 500, 200 and 300 million XRP and then sent 400 and 300 million coins to escrow. The unlocked billion XRP was worth approximately $352 million at the current exchange rate.
Since the end of 2020, the demand for XRP on exchanges seems to have diminished substantially. Several top exchanges, including the biggest one located in the U.S. — Coinbase — and Bitstamp, suspended XRP trading, and some delisted XRP altogether. This is likely one of the reasons why Ripple is not injecting an entire set of monthly-released billion tokens onto the market but only one third of it, sending the rest to be locked back.
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