Every month on the first, Ripple unlocks one billion XRP tokens from an escrow mechanism built into the XRP Ledger. The token unlock will take place once more on Wednesday, November 1, in three transactions totaling 100 million, 400 million, and 500 million XRP.
It’s interesting to note that the unlock in November 2023 will release 1.86% of the 53.56 billion XRP that are now in circulation as well as a portion of the 46.43 billion XRP that Ripple still owns but are held in escrow and will be released on a monthly basis until April 2027.
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The closing moments of October 31, when two well-known cryptocurrency wallet addresses under Ripple’s control hold three escrows, will see their finalisation:
For the purpose of unlocking 100 million XRP that was locked on September 3, 2019, use the address “Ripple (22)” and transaction ID “7EF17…CDA6F.”
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For the purpose of unlocking 400 million XRP that was locked on August 1, 2019, use the address “Ripple (22)” and transaction ID “E0D06…DA8EA.”
For the purpose of unlocking 500 million XRP that was locked on September 3, 2019, use the address “Ripple (23)” and transaction ID “0ECCB…F84E3.”
Four billion XRP tokens are still held by these two addresses for monthly escrows. These tokens will be freed on March 1, 2024, after the next four months.
Ripple applied this to the 1 billion XRP that was made available in October.
As anticipated, 1 billion XRP coins valued $550 million were released on October 1. 800 million, or 80% of the total, was promptly relocked by Ripple to escrows that were scheduled to close in March and April of 2027.
Notably, the corporation spent 205 million tokens ($112.75 million) from its primary address, “Ripple 1,” in October, even though it retained 200 million XRP. For instance, Ripple utilised five million XRP that were in its balance from earlier this month.
Three transactions every week, all addressed to the same address, “rJqiM…La8nE,” comprised the sell-offs.
Making a payment of 60 million XRP on October 9 using the transaction ID “AFAB4…1FF48”
Paying 75 million XRP on October 16 with the transaction ID “2B333…81843”
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Paying 70 million XRP on October 24 using transaction ID “BDBE1…97B07”
How does the Ripple unlock escrow scheme operate?
2012 saw the creation of XRP by Ripple, with a 100 billion XRP maximum issuance. The core staff and developers received 20 billion XRP from the firm thereafter.
The remaining 80 billion XRP were under the hands of Ripple’s Treasury, which pledged to transfer the currency gradually as opposed to all at once. In order to improve the predictability and control over the XRP release, Ripple introduced a new method in 2017.
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