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Ripple Unlocks 1 Billion XRP to Support ODL Services

• Ripple released 1 billion locked XRP tokens from an unknown wallet.
• The tokens were unlocked through two transactions of 500 million XRP each.
• Ripple designed its Escrow system to create a predictable and stable XRP circulating supply.

Ripple Unlocks 1 Billion Locked XRP Tokens

Ripple has released 1 billion locked XRP tokens from an unknown wallet. According to the whale-tracking site Whale Alert, Ripple released the tokens in two transactions of 500 million XRP each. With this action, Ripple is continuing its monthly routine when it unlocks tokens from a pre-timed Escrow system.

Ripple’s Goals with Escrow System

Ripple designed its Escrow system to lock some amounts of XRP in a smart contract over a pre-programmed time period in order to create a predictable and stable XRP circulating supply. This system has been utilized by Ripple since 2018, except in November 2022.

Funds Used for ODL Services

The recently unlocked funds are being mobilized by Ripple to provide liquidity for its On-Demand Liquidity (ODL) partners. When Ripple finally moves them for its ODL services, the remaining XRP tokens will go back into the Escrow system. In addition, over the last three months (Q1 2023), Ripple sold XRP tokens worth $2.93 billion to its ODL partners with a net sale of $361 million within that same period.

XRP Price Outlook

The latest Escrow unlock comes as XRP slipped from the $0.48 mark and is struggling to make a comeback despite market-wide downturns; however, odds remain low on momentum regaining at this time.

Conclusion

In conclusion, Ripple continues their monthly token unlocking routine with 1 billion locked XPR tokens released through two transactions of 500 million each while providing liquidity for their ODL partners and creating stability amongst their circulating supply – however, due to current market conditions, it remains difficult for any momentum gains at this time for XPR prices overall in spite of these developments