Ripple unravels possible XRP unlock end dates – with a catch
Crypto solutions provider Ripple has recently released insights concerning the finish date for XRP unlocks that may help users understand the details of Ripple’s XRP escrow releases in the next months.
The insights are part of the 2023 XRP Markets Q3 Report, which states Ripple would release XRP tokens available in its crypto wallets, and the tokens are subject to on-ledger escrow locks monthly for 42 months. Based on this information, the XRP escrow release will occur sometime around 2027.
As part of this new development, Ripple automatically releases around 1 billion XRP tokens on the first day of every month from its escrow wallet within the XRP ledger. By unlocking 1 billion XRP tokens at the start of every month, the release will contribute to the current circulating supply of 54.13 billion XRP.
Ripple released the first 1 billion XRP tokens today in three transactions: 500 million XRP ($305 million), 400 million XRP ($244 million), and 100 million XRP ($61 million).
Before 2024, Ripple’s escrow wallet held 41,900,000,005 and 41,300,000,005 between June 30 and September 30, 2023, according to the company’s Q3 report.
Polarized stance on the escrow burning
The XRP release occurs when the XRP community debates pushing Ripple to burn the XRP tokens within its escrow wallet on X (formerly Twitter).
“Peak capitulation phase for XRP army. Ripple needs to burn the escrow ASAP, they have done nothing but dumping on XRP holders who stood by them during the biggest lawsuit in history with SEC,” said X user @cryptohoppers.
Many XRP community members believe commencing an escrow burn may incite a price surge for the XRP token at a time when XRP has struggled to increase its price recently.
Another XRP member said the possibility of burning a significant portion of Ripple’s escrow XRP may generate debates in the XRPL community. If Ripple goes forward with the burning, a price surge of XRP tokens may occur, and XRP holders will accrue more profit from such development.
Other members are not so optimistic about the possibility, with one member saying XLM did the same thing some time ago, only to end up without any price surge or significant price changes.
XRP earned a trading price of $0.61 as of this writing, ranking it in fifth place, after Solana with a $104.07 trading price in fourth place.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information
