Ripple giant locks back 80% of the billion XRP withdrawn from escrow on May 1
San Francisco-based service provider Ripple DLT has locked 800 million XRP coins in the company’s escrow after releasing a staggering 1 billion XRP a day earlier.
Ripple continues to unlock billions of XRP per year despite the ongoing legal battle with the SEC regulatory agency.
800 million XRP transferred to escrow, 200 million added to circulation
According to data provided by crypto transaction tracker Whale Alert, Ripple moved three XRP blocks – 500 million, 200 million and 100 million tokens – to the escrow account, locking them up until June 1, when the next billion XRP will be released. automatically.
Thus, Ripple has injected 200 million XRP tokens in the circulating supply on the cryptocurrency market.
These massive releases of XRP have been released on the first day of every month since 2017. The plan is to release 55 billion XRP, which means these huge chunks of XRP will stop releasing from escrow at some point this year.
“Ripple-SEC resolution likely to come next year”
About a week ago, Ripple’s general counsel, Stuart Alderoty, tweeted that he expects the end of the Ripple-SEC case to occur in 2023, as the Ripple legal team and the court are both pushing hard to let it happen as soon as possible.
He called the case a rugpull from the regulatory agency, as in the case of a lawsuit against Ripple Labs, the SEC is hurting the US crypto investors it has pledged to protect.
Besides, the regulator is creating a “cloud of uncertainty,” according to Alderoty. Over forty million people in the U.S. are now holding cryptocurrencies, and the SEC seems unwilling to provide them with a clear regulatory framework for digital assets, claiming nearly all of them are securities instead.
