• Sat. Apr 13th, 2024

Ripple to Release Over A Billion XRP in January, 2024

Maria Bartiromo

ByMaria Bartiromo

Jan 1, 2024

Ripple plans to unlock one billion XRP tokens on January 1, 2024, as part of its monthly release schedule. This unlocking accounts for 2.17% of the 45.87 billion XRP tokens still in Ripple’s possession and 1.84% of the 53.56 billion tokens now in circulation. As part of its transparency initiatives, Ripple has planned the delivery of XRP tokens, intended to bring certainty to the market.

The controlled distribution of XRP is made possible by periodic unlocking, which enhances the cryptocurrency’s overall liquidity and stability. A consistent supply of XRP is intended to be ensured while avoiding market disruptions through a controlled approach to the unlocking process.

Ripple Investment Strategy Reviewed, Relocks 80% of it’s Tokens 

Of the 1 billion XRP that will be unlocked, 100 million and 400 million tokens belong to assets locked under the name “Ripple (23)” in December and November of 2019, respectively. These locked assets allow for a steady distribution over time as part of Ripple’s strategic allocation and management of its XRP holdings.

Ripple, recently, has taken action to ease worries and preserve openness in its token management procedures. Ripple had to relock 80% of its reverse, representing 800 million tokens, after the release of 1 billion XRP tokens to its escrows, getting ready to finalize the release process by April and May 2027.

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Ripple to Release A Billion Units of XRP in 2024

The company has also announced that it will release some more tokens on January 1, 2024; 1 billion XRP will be unlocked. This will happen during a period of rapid swings in the cryptocurrency market. As one of the more well-known cryptocurrencies, XRP is probably going to be affected by changes in the market, investor mood, and more general industry advancements.

Beyond its status as a cryptocurrency issuer, Ripple has taken a leading position in several campaigns to advance digital payments and blockchain technology. With its emphasis on enabling quick and affordable cross-border transactions, the XRP coin has drawn interest from the financial sector.

Recall that in 2012, during the early stages of Ripple, the company had released 20 billion units of XRP, with the promise of slowly releasing an extra 80 billion. In the cause of the release, the company adopted a new method of making each release more controllable. With that innovation, the company introduced an intelligent contract method that allows the release of over a billion units of XRP on the first day of every month for the next 55 months. 

Ripple Stores 200 Million of XRP, Spent 310 Million Tokens

Another phase of Ripple’s continuous endeavor to strike a balance between the market’s expectations and the controlled distribution of XRP will begin on January 1, 2024. The company currently stores 200 million XRP but spent over 310 million tokens worth $192 million in December from its major wallet address “Ripple 1.”

The transaction happened each week through four different transactions and transferred to the same address. Finbold reported that RippleA’s report moved over 200 million units of XRP to the reserve on December 1, 2023. 

The company also did two major transactions: 60 million tokens and 120 units of XRP. The 60 million transaction was conducted on December 6 and 12, respectively, while the 120 million XRP was performed on December 20, 2024. Cumulatively, 70 million transactions were recorded on December 27, 2023.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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