TL;DR:
- Tracker estimates 408.7986M XRP of outbound February flows, mapping roughly half of the 1B unlock, including about 100M routed to payment corridors.
- About 309M XRP went to major exchanges for ETPs, trusts and other investments: 300M via Binance, 5M to Bitgo, 4M to Coinbase.
- Ripple relocks roughly two-thirds; February and March each returned 700M, while RLUSD mints of 69,000,000 and 19,655,000 were reportedly tied to Gemini for XRPL card settlement.
An on-chain tracking account says it has traced where roughly half of Ripple’s February XRP escrow activity flowed, offering a look at how monthly unlocks translate into liquidity. The report says Ripple unlocked 1 billion XRP last month and then deployed a measurable portion externally, with the largest share routed toward exchange-traded products and related investments. In total, the tracker estimated about 408.7986 million XRP of outbound flows in February, emphasizing this was “not all inclusive.” It also pointed to about 100 million XRP sent to payment corridors. Half of February’s escrow becomes trackable distribution.
February 2026 Ripple Holdings/Escrow to External Tracking
▫️ [ETPs, Trust, Other Investments]
🔽300M XRP thru Binance
🔼5M Bitgo Init
🔼4M CB🔼99.7985M XRP sent to ODL
corridor🔽408.7986M Total Outbound (Not all Inclusive) 🚨🚨🚨 https://t.co/75C51V3XQc
— XRP_Liquidity (ETF 1Y 39.8B = Max 54.4B) (@XRPwallets) March 3, 2026
Mapping the flows and the operating rationale
The same tracker said Ripple shifted about 309 million XRP to major exchanges for “ETPs, Trust, Other Investments,” arguing those flows ultimately supported XRP exchange-traded funds, XRP trusts, and similar vehicles. It highlighted exchange routing as the institutional conduit for XRP products, with 300 million XRP sent through Binance, 5 million to Bitgo, and 4 million to Coinbase. For market participants, the mapping frames February’s release as less about immediate spot selling and more about distributing inventory into venues that can service structured exposure and investment pipelines. The figures were presented as approximate external tracking.
Beyond exchange flows, the tracker said Ripple transferred around 100 million XRP into various Ripple Pay corridors, formerly known as ODL, to support liquidity in those payment channels. That distribution sits alongside a predictable unlock-and-relock rhythm that anchors expectations, because Ripple typically unlocks 1 billion XRP in the first days of a month and then relocks roughly two-thirds. The report notes that since early 2018 the company has generally put back about 700 million to 800 million XRP. It added that February saw 700 million relocked and March matched that same amount back into escrow.
The same account also tied Ripple’s liquidity story to its stablecoin rails. It cited @RL_Tracker data showing Ripple minted two RLUSD batches on Monday, 69,000,000 and 19,655,000, calling the 69 million the largest RLUSD mint so far. It then tracked the second batch to a wallet it said belongs to Gemini, positioning RLUSD distribution as part of a card-settlement partnership announced in November 2025 using Mastercard and WebBank. Gemini, the report said, intends to implement RLUSD settlements on XRPL for fiat card payments, starting with the Gemini XRP Credit Card. Aiming for faster compliant settlement.
