Ripple, the renowned digital payment protocol, released 1 billion XRP from its escrow accounts on Wednesday, a regular practice they’ve adhered to since December 2017. This strategy is designed to stabilize the XRP market by gradually introducing tokens from their initial escrow holdings, which originally amounted to 55 billion XRP.
The release process involved three separate transactions, and it had notable implications for the market. The initial transaction released 100 million XRP tokens, with an approximate value of $59.98 million. Subsequently, two additional transactions released 400 million and half a billion tokens, valued at $239.92 million and $299.9 million, respectively.
Following this release, the price of XRP experienced a temporary dip of 3%, though it swiftly rebounded. Currently, XRP is trading with a marginal decrease of 0.8% compared to Tuesday’s closing price.
Interestingly, just the day before, XRP exhibited a strong performance, surging by 10.5% at one point during the day and concluding with an overall increase of 3.74%. Presently, XRP is trading at around $0.6 per token, marking its highest price since mid-August 2023.
