For first time, Ripple has not moved 1 billion XRP out of escrow as new month has begun
Today is October 3rd, and on Saturday, the first day of the month – when it has been customary for Ripple to receive a billion billion XRP over the past few years – withdrawals did not take place.
This might signify that the long-term campaign on withdrawing 55 billion XRP monthly has come to an end.
Ripple began issuing one billion XRP at the beginning of each month in 2018 to support the liquidity of the token and allow it to be circulated each time. Over the past two years, it would issue two tranches of 500 million XRP and by the next month would lock around 800 million back into escrow.
These withdrawals were made from 55 escrows set up by Ripple, which held 1 billion tokens each. They started in 2018 and were meant to finish at some point this year. When they only started, the XRP community became afraid that these releases would keep the XRP price down and even started a petition to stop further withdrawals of XRP. However, over time, it became clear that they did not impact the XRP rate at all.
At the time of writing, XRP was trading at $0.4405 after falling from the $0.48 level over the weekend.
