Ripple deposits 1 billion XRP on the market

The Ripple network has released one billion XRP from its escrow account into the market. This reports the blockchain tracking service "Whale Alert" on X (formerly Twitter). Meanwhile, the price of XRP is reacting positively to the new.

According to the report, the transactions proceeded in three tranches: 100 million, 400 million and 500 million XRP. In total, the equivalent value of the released tokens is just over US$600 million.

Such a move is not unusual for Ripple. When the network was founded, 55 billion XRP, half the amount in circulation, were locked up in escrow accounts (known simply as escrows). Since then, the network has been releasing a billion XRP every month to keep inflation under control. An explanation from developer Ripple Labs can be found here.

Overall, the cryptocurrency rose nearly 9 percent in the past week. At the time of writing, XRP stands at $0.6. Meanwhile, developer Ripple Labs recorded another partial victory against the SEC. Read more here: SEC drops charges against Ripple.