Ripple Escrow Release Meets Growing Institutional Appetite
Ripple has executed its monthly escrow release, unlocking one billion XRP from its vault. This is a regular occurrence for the company and is met with interest by traders due to its potential impact on the available supply in the market.
The move was carried out on September 1 in three batches of 500 million, 400 million, and 100 million tokens, trimming the locked balance to around 31.28 billion XRP. This has sparked discussion about the implications for the token's price movement.
Interestingly, this release occurred against a backdrop of increasing demand from US-listed XRP exchange-traded funds (ETFs). For ten consecutive trading sessions, these vehicles have seen net inflows, with significant daily totals reported on September 8 and 9. The cumulative inflows into these ETFs stand at just under $14.86 million for the month to date.
The regulatory landscape surrounding XRP remains uncertain, with the SEC's recent approval of Rule 5711(d) not providing a clear classification of the token as a commodity. The Digital Asset Market Clarity Act is set to be voted on by the US Senate on September 15, which could reshape how digital assets are categorized in the US and impact XRP's status.