According to Whale Alert, Ripple unlocked 1 billion XRP tokens on Sept 1st as part of an ongoing strategy to manage the release of its XRP token.
The crypto company has kept 55 billion XRP tokens in escrow since 2017 to regulate the supply of the cryptocurrency.
Every month, Ripple releases 1 billion XRP tokens to provide more predictability in the market. However, the actual number of tokens entering circulation is often lower than this amount.
Ripple’s Chief Technology Officer, David Schwartz, earlier explained that these tokens usually remain in escrow until they are removed.
“The escrows expire at the beginning of the month. But the XRP is still sitting in the expired escrow until someone (anyone) cancels it,” he said.
Despite this, Schwartz is still unsure if the escrow system was the best choice, noting past concerns and ongoing questions about its effectiveness.
This unlock comes as XRP witnesses a price drop. As of the time of writing, the cryptocurrency is trading at $0.557, a 2.4% dip in the last 24 hours
Also Read: Judge Orders Ripple Labs to Pay $125M in SEC Case
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