Ripple Relocks 800 Million XRP in Escrow Wallets

Odaily Planet Daily News Whale Alert data shows that Ripple releases XRP from escrow accounts at the beginning of the month as usual. Early this morning, Ripple re-locked 800 million XRP in escrow wallets. Ripple recently released the 2023 Q2 XRP Market Report. According to the report, Ripple's XRP is divided into two categories, including XRP currently available in wallets, and XRP locked by ledger custody (these XRP will be released every month for the next 42 months). For the latter category, Ripple cannot access that XRP until escrow is released to Ripple monthly. The vast majority of XRP released is put back into escrow. As of March 31, 2023, the total amount of XRP held by Ripple is 5,506,585,918, and the total amount of XRP held by the ledger is 42,800,000,013; as of June 30, 2023, the total amount of XRP held by Ripple is 5,551,119,094; The total amount of XRP is 41,900,000,005. (U. Today) As previously reported, Ripple said it uses an escrow account system to provide transparency and certainty to the XRP market. The company locks up the majority of its XRP holdings, ensuring it does not oversupply the market and manipulate prices. However, the company also uses XRP in escrow accounts to invest in and support projects in the Ripple ecosystem. The release of 1 billion XRP tokens from escrow accounts every month does not mean that all of them will enter the market. Ripple may choose to sell some of it to institutional or retail investors, use some for its own purposes, or return some to a new trust.