Ripple re-locks 800 million XRP in escrow, but XRP is still falling!
According to Whale Alert data, San Francisco-based Ripple has re-deposited 800 million XRP into their escrow account.
Specifically, Ripple completed this operation through three transactions, each of which locked 500 million, 200 million, and 100 million XRP. This happened shortly after they unlocked 1 billion XRP in October.
Previously, Ripple's escrow system unlocked 1 billion XRP in October and transferred it to two wallet addresses, each receiving 500 million. But a few hours later, Ripple transferred 500 million from one address to another address, and also transferred 300 million from another original address.
Now, Ripple has re-locked 80% of these funds, or 800 million XRP, through three transactions. The first was at 12:25 pm (UTC) yesterday, locking up 500 million XRP, worth about $314.84 million. The other two locked up 200 million and 100 million respectively, for a total of 300 million, worth $189.02 million at the time.
As a result, Ripple now has 200 million XRP left, worth about $120.4 million, which they can sell at any time to pay for business expenses.
XRP investors are actually used to Ripple's operation. Because Ripple unlocks 1 billion XRP every month and then re-locks 800 million. Although sometimes they change the rhythm slightly, they generally follow this pattern.
For example, in October and September, Ripple followed the convention of unlocking 1 billion XRP on the first day of each month, and then re-locked 800 million a few hours later.
In addition, XRP is now trading at $0.602, down 4.04% in the past 24 hours.
However, this is not just a problem for XRP. Other cryptocurrencies such as Bitcoin and Ethereum have also fallen sharply, by 3.56% and 6.3% respectively.
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