Ripple Re-Locks 700 Million XRP Worth $875M After November Release

The November Escrow Cycle

Ripple has re-locked 700 million XRP, returning tokens worth $875 million at the prevailing XRP price to escrow after its November 1 release of 1 billion tokens. On-chain records show the company unlocked the supply through two transactions of 500 million tokens each, then sent 700 million back under contract in three moves sized at 100 million, 500 million and 100 million tokens. The sequence leaves a net 300 million XRP outside escrow for the month, the only new supply drawn from the company's locked reserve this cycle. The escrow system dates to 2017, when Ripple began locking a large share of the token's supply in time-locked contracts that make up to 1 billion XRP available each month. Unused tokens are not left in circulation; they return to fresh time-locked contracts, a mechanism described on Ripple's official website. The re-lock covers 70% of the gross release, a ratio supply watchers track because it caps how much new XRP can reach the market from the reserve in any given month. The metric matters most when read against demand: institutional balances and the tokens available on crypto exchange books determine whether the 300 million net supply is absorbed quietly or weighs on the market. The cap also sits at the center of the asset's availability story as it gets folded into a broader bull market thesis built on regulated products and corporate balance sheets. The arithmetic of the November cycle is compact: 1 billion released, 700 million returned, 300 million net, and every returned token re-entered a time-locked contract rather than tradable supply.

Institutional Demand Builds Around the Token

Institutional demand now forms the other side of the ledger. Six US spot XRP exchange-traded funds held approximately 1.17 billion tokens as of the end of last week, a stock of regulated exposure that has kept building through the autumn. October net inflows marked a seventh straight green month for the funds, extending the intake streak even as spot prices cooled. That pool of institutional-held tokens now stands far above the 300 million net supply this month's cycle released. Bitwise and Franklin Templeton remain among the largest holders of the XRP funds, while corporate treasuries add a second accumulation channel: Evernorth has built a treasury position of 473 million XRP, orienting itself around institutional exposure and potential ecosystem strategies. Treasury strategies of this kind create a standing bid that does not depend on monthly fund flows, giving the accumulation a slower second channel. Fund-level balances also give the market something the escrow ledger alone cannot: a measurable way to see whether institutions hold their positions through periods of price weakness or trim them. The commentary around this demand has turned ambitious. Ripple announced final US trust bank approval, and crypto commentator Wendy O posted that the token was “going to $10,000,” a target that frames the adoption case in extreme terms. Her call sits alongside the company's own long-horizon framing, which has described XRP as an institutional gold standard within five years. The buildout around the XRP Ledger extends to RLUSD, Ripple's stablecoin, which anchors the payment infrastructure alongside the token. The trend places the asset inside a wider altcoin market competing for the same institutional capital, and with fund holdings climbing, treasuries accumulating and the stablecoin stack growing, the institutional participation rate is now the variable bulls watch most closely.

Where Supply Meets Institutional Demand

The two sides of this story now fit in a single frame. On-chain data shows 300 million net new tokens from the November cycle against ETF holdings near 1.17 billion and a 473 million token treasury, so this month's issuance was small next to the institutional base in place. Absorption, not issuance, is the binding question: short-term gauges such as options open interest or support and resistance levels move the price day to day, but the escrow ledger sets the slower constraint, and this month it tightened. On-ledger activity is moving in the same direction, with new account creation jumping 142% in a single day in recent on-chain tracking, a sign the network's user base is widening alongside the fund flows. The books for November are settled: 1 billion unlocked, 700 million returned, 300 million left in circulation from the cycle.