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
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
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
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
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
