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.
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 wallet.
“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,” an X member stated.
Peak capitulation phase for #XRPArmy
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 https://t.co/GBl6gs8ygp
— CryptoHoppers (@cryptohoppers) December 29, 2023
Many community members seem to believe that initiating an escrow burn could potentially trigger a price surge for the XRP token. Despite the growing performance experienced by various altcoins such as Bitcoin, Ethereum, and Solana, the XRP token has struggled to achieve any significant price increase.
“Rumors that Ripple may burn billions of its own XRP. The possibility of burning a significant portion of your escrow XRP is generating debate in the XRPL community, such a move could trigger a price increase, enriching current XRP holders,” an X member said.
Rumors that #Ripple may burn billions of its own #XRP . The possibility of burning a significant portion of your escrow XRP is generating debate in the #XRPLCommunity , such a move could trigger a price increase, enriching current XRP holders. https://t.co/LP28KKosoZ pic.twitter.com/7MYS1X3C5F
— 山丨ㄥㄥ Trader_Kamikaze
(@trader_kamikaze) December 25, 2023
Another community member added “the people talking about this hope they will do this because they think and hope the price will go up but XLM did the same thing and it didn’t change anything with the price.”
The People talk about this they hope they Will do this beceause they think and hope the price Will go up but xlm did the same thing and it doesn’t change anything with the price
— monster_energy (@monster_gamin) December 24, 2023
Featured image from Shutterstock
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments