Billion

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Ripple, the renowned blockchain-based payment protocol, has unlocked another 1 billion XRP from its escrow accounts, reports&nbsp;<a href="https://x.com/whale_alert/status/1719504563105890378?s=20" rel="noopener noreferrer nofollow">Whale Alert</a>. This scheduled release of tokens occurred on Nov. 1, a customary practice initiated by Ripple on the first day of each month.
The release of the 1 billion tokens was executed through three separate transactions, resulting in significant market movements. The first transaction unleashed an impressive 100 million XRP tokens valued at approximately $59.98 million from Ripple's escrow holdings.
<blockquote>
 🔓 🔓 🔓 100,000,000 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> (59,981,214 USD) unlocked from escrow at <a href="https://twitter.com/hashtag/Ripple?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ripple</a><a href="https://t.co/FqIC4wfHSu" rel="noopener noreferrer nofollow">https://t.co/FqIC4wfHSu</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1719504563105890378?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 1, 2023</a>
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Subsequently, another 400 million XRP, with an estimated worth of $239.92 million, were released. The final transaction saw a whopping half a billion tokens, valued at $299.9 million, unlocked from escrow.
<a href="https://u.today/genslers-satoshi-joke-sparks-fiery-response-from-ripples-legal-ace" rel="noopener noreferrer nofollow">Ripple</a> introduced its escrow system in December 2017 with the aim of stabilizing the XRP market. Under this system, the company set aside 55 billion XRP in a series of escrows, each containing 1 billion XRP, to be gradually released over the same amount of months.&nbsp;
<h2 dir="ltr" id="xrp-price-reaction">XRP price reaction</h2>
In response to this development, the&nbsp;<a href="https://u.today/xrp-and-ripple-cofounder-invests-500-million-in-nvidia-chips-for-ai-innovation" rel="noopener noreferrer nofollow">XRP token</a> experienced a temporary drop in its price, declining by approximately 3% on the same day. However, this dip quickly recuperated, and XRP is currently trading with a marginal decrease of 0.8% compared to the previous day's closing price. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="52b85d09-61cf-4e87-a882-db2a0f1f0bd7" src="https://u.today/sites/default/files/inline-images/XRP_1D_graph_coinmarketcap_6.jpeg">XRP to USD by <a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
Remarkably, the day preceding the unlocking witnessed a robust performance for&nbsp;<a href="https://u.today/xrp-hits-multi-week-high-amid-triple-digit-volume-boost" rel="noopener noreferrer nofollow">XRP</a>, with a notable surge of 10.5% at one point, concluding the day with an overall increase of 3.74% in its price. Presently, XRP is quoted around $0.6 per token, marking its highest price since mid-August.

1 Billion XRP Unlocked by Ripple, XRP Price Reacts With 3% Drop

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