- Ripple was not involved
- $56 million XRP transfer
The most recent XRP escrow transactions stirred up some speculation within the community.
Some commentators assumed that this was Ripple’s usual escrow unlock, which typically takes place during the first days of the month.
Since the term “escrow” showed up relatively late during the month, some X users were seemingly perplexed by the move, considering that Ripple’s scheduled 1 billion unlock has already taken place.
Ripple was not involved
The latest transactions had nothing to do with Ripple.
As explained by XRPL sleuth @XRPwallets, which tracks notable transfers on the network, the tokens were locked and then unlocked at Flare Core Vault.
The Flare Network is a blockchain project that integrates with XRP and other assets to enable smart contracts.
Core Vault is a key component of the FAssets system on Flare. Its purpose is to act as a liquidity hub for non‑smart‑contract assets (initially XRP) that are being brought into DeFi via Flare.
It holds underlying assets (such as XRP) deposited by the so-called “agents” so that these assets can back the minting of FAssets (FXRP).
Notably, the Core Vault has built‑in security via time‑locked escrow accounts and daily release mechanics. The “locking” means the XRP is being transferred into the Core Vault’s smart‑contract/escrow mechanism and is no longer freely tradable.
$56 million XRP transfer
In the meantime, a total of 22 million XRP tokens (roughly $56 million at current prices) were recently transferred from the BitGet exchange to an unknown wallet, according to Whale Alert.
The popular token is currently changing hands at $2.55 after surging by more than 10% over the past 24 hours.