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A total of 1 billion XRP tokens were unlocked from escrow in less than an hour, according to data from blockchain tracking platform Whale Alert. The crypto market saw another unlocking of XRP tokens from Ripple’s escrow account on Thursday, as the highly anticipated “Uptober” season got off to a bullish start. XRP showed high buying pressure as 1 billion tokens were released from escrow.

 

Based on XRP’s trading price at that time, the unlocked tokens are worth $3 billion. Notably, the release occurred in four separate transactions, totaling 1,000,000,000 XRP, with two batches of 400 million XRP and two batches of 100 million XRP each.

However, there was a small twist to this month’s unlocking because it wasn’t completed until the second day.

What is Ripple up to? The move has sparked debate among XRP users, with concerns about how it might influence the cryptocurrency’s current price trend.

It is noteworthy that the blockchain firm based in San Francisco has committed to the escrow system to regulate XRP circulation and prevent oversupply, which could otherwise threaten the token’s appreciation.
Despite Ripple regularly unlocking up to 1 billion XRP each month (often returning some to escrow after limited sales), the excitement around Uptober has increased interest in this month’s unlock. The timing has boosted optimism and coincided with XRP’s strong momentum.

Market watchers have suggested that the token has recently broken above the $3 resistance level..The action has generated debates among XRP users, with some speculating on how it may affect the cryptocurrency’s current price movement. It is noteworthy that the blockchain company based in San Francisco has committed to the escrow system to regulate the circulation of XRP and prevent oversupply, which might otherwise jeopardize the token’s appreciation.