XRP Escrow Release: Ripple CTO Clarifies Speculations

David Schwartz , Ripple CTO, has responded to lingering questions from users on the release of XRP in escrow. In a post on social media platform X, Schwartz put to rest the constant speculations surrounding escrow release. XRP Escrow Releases Happen First of Every Month Notably, a user Lorrentz had asked the reason for the random XRP escrow releases, which normally happen on the first day of every month. According to Lorrentz, public trackers like XRPScan have been displaying random dates, with the latest being set to August 9. The user, likely a community member, wondered if it was normal for Ripple to change the escrow schedule at will without following the set pattern. “So in theory they could release the whole 36B XRP in the next 5 minutes? “He inquired. Schwartz maintained that escrow contracts always release on the first of every month, as that is how it was programmed. He, however, clarified that once the escrow release occurs, the transaction might not immediately show up on the ledger. He explained that the ledger is not automated to update. Rather, it waits for someone to submit a transaction, which then acts as a trigger to notify of funds movement out of escrow. Ripple cannot Randomly Change the Escrow Schedule This suggests that Ripple cannot randomly move the escrow date or release all XRP from escrow. However, Ripple determines when they use the XRP after it has been released. As such, the “random dates” noticed by users in the space represent the dates that Ripple decided to act on the unlocked XRP. So, if that transaction happens several days after the first of the month, it appears the release was on a random date. However, in reality, the funds have been available since the first as programmed, but just that they were not moved on the same day. Institutional Interest in XRP Surges Post-SEC Case Meanwhile, in the broader ecosystem, institutional interest in XRP has spiked following the end to the Ripple vs. Securities and Exchange Commission (SEC) lawsuit. SEC filings show that several firms are adding XRP to their balance sheets. For instance, Digital Wealth Partners Management (DWP Management) says it has been able to secure $200 million in capital that came in the form of XRP. This suggests that the coin might see an uptick in price with the growing interest. As of this writing, XRP has dipped by 2.78% and is trading at $3.19 in the last 24 hours. Trading volume has also declined by 12.07% to $6.1 billion. The post XRP Escrow Release: Ripple CTO Clarifies Speculations appeared first on TheCoinrise.com .

Source: The Coin Rise