San Francisco blockchain firm Ripple might have just completed its regular escrow wallet redistribution for the month of October, as new $XRP moves catch market attention.
On October 1, data from Whale Alert shows that Ripple has locked up a total of 700 million $XRP worth over $1.4 billion back to escrow.
Ripple's October escrow distribution completed
Per the data, the move came just a few hours after Ripple initially unlocked a total of 1 billion $XRP from its same escrow wallet, observing its regular monthly routine of releasing and relocking a fixed amount of $XRP from its escrow.
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Although the move is extremely familiar to the $XRP community, it still draws attention from market participants, stirring speculation about its potential impact on $XRP's price performance in the new month.
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While debates on the main aim of this regular $XRP move have continued to linger regardless of viral clarifications from Ripple executives, the recent Ripple escrow $XRP reshuffling is believed to be targeted at maintaining predictable supply flows.
Nonetheless, the $XRP recently returned to escrow was locked in two separate transactions conducted by Ripple, carrying 400 million $XRP and 300 million $XRP simultaneously.
$XRP stays muted
While the recent release and locking of $XRP in the Ripple escrow is expected to have adjusted the asset's circulating supply and triggered a potential price action for $XRP, this was not the case this time.
$XRP has yet to see any noticeable price action following the move, as it has remained on a downside trajectory, showing a modest price decline of around 2.5% over the last day.
With $XRP starting off the new month on a weaker note, market participants are growing optimistic about what the rest of the month holds for holders, especially after Ripple's recent move.