Ripple Reveals Potential End Date For XRP Unlocks, But There’s A Problem
The post Ripple Reveals Potential End Date For XRP Unlocks, But There’s A Problem appeared on BitcoinEthereumNews.com.
Leading crypto solutions provider, Ripple has provided insights into the potential end date for its XRP unlocks, shedding light on the company’s XRP escrow releases in the coming months. XRP Escrow Release Timeline Global crypto payments provider Ripple has recently released its 2023 XRP Markets Q3 report. According to the report, the XRP tokens that are presently available in its crypto wallets and the tokens that are subject to on-ledger escrow locks will be released every month over the next 42 months. This news puts the timeline for the XRP escrow release around 2027 and reflects on Ripple’s careful approach to managing the cryptocurrency’s supply and circulation. On the first day of every month, Ripple automatically unlocks about 1 billion XRP tokens from its escrow wallet embedded within the XRP ledger. This 1 billion XRP is part of the billions of XRP tokens within the escrow wallet, contributing to the current circulating supply of 54.13 billion XRP as reported by Blockworks. According to the Q3 report, between June 30 and September 30 2023, Ripple’s escrow wallet held 41,900,000,005 and 41,300,000,005 respectively. While the total XRP held by Ripple in those two months is estimated above five billion. XRP market cap currently at $33.7 billion. Chart: TradingView.com Although Ripple has acknowledged a monthly release plan for XRP until 2027, the customary practice of returning the majority of the released XRP into the escrow wallets raises questions about the aforementioned timeline. For instance, Ripple locking back a majority of its released tokens into its escrow each month from August, suggests the possibility of a prolonged schedule for the anticipated XRP unlocks. Ripple Community Demands XRP Escrow Burn The XRP community is swirling with debates as numerous members on X (formerly Twitter) call for Ripple to burn the XRP tokens within its escrow…
Filed under: News - @ December 30, 2023 5:20 pm