Ripple Transacts 75 Million Unlocked XRP, Impacting Cryptocurrency Market
Ripple recently transacted 75 million unlocked XRP from the 200 million tokens it held after October’s escrows. This is part of XRP’s monthly inflation, which Ripple typically sells or spends during strategic market opportunities. On the same day, Ripple spent 75 million XRP, coinciding with false rumors about the SEC approving BlackRock’s Bitcoin spot ETF. This caused a brief increase in BTC price before retracing back to $28,000 and affecting other cryptocurrencies like XRP.
Following the Tracks of the 75 Million Unlocked XRP
After re-locking 800 million XRP in new escrows on October 1, Ripple kept 200 million tokens in its account. Subsequently, Ripple spent 60 million tokens, leaving behind 140 million unlocked XRP. On October 16, 75 million XRP were sent from Ripple’s account to an unknown address. Later, a portion of these tokens was sent to a Bitstamp account for potential sale in the spot market.
Furthermore, another portion of the tokens was forwarded to various addresses, eventually reaching four centralized exchange wallets and an unknown address. The use of similar accounts as previous sell-offs suggests that all the addresses selling off monthly unlocked XRP may belong to the same entity.
Potential Long-Term Effects on XRP
The ongoing monthly inflation of XRP may have long-term effects on its price. If XRP were to reach its all-time high market capitalization, its trading price would likely be around 30% less than it previously achieved.
Hot Take: Ripple’s Unlocked XRP Transactions Cause Speculation and Market Impact
Ripple’s recent transactions of unlocked XRP have sparked speculation and impacted the cryptocurrency market. The sell-off of these tokens, combined with false rumors about the SEC’s approval of a Bitcoin spot ETF, caused a temporary price increase for BTC and affected other cryptocurrencies like XRP. The tracking of the unlocked XRP reveals patterns and similarities to previous sell-offs, suggesting a common entity behind the transactions. These ongoing monthly inflation events may also have long-term effects on XRP’s price. As Ripple continues to transact its unlocked XRP, it remains an area of interest for market observers.
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