Ripple Unlocks 1 Billion XRP as November Begins: How Much XRP Do They Hold?
Ripple Labs, the blockchain-based payment firm, has unlocked another 1 billion XRP as part of its monthly token unlock program. This news was revealed by leading on-chain crypto tracker Whale Alert.
Origin Of Ripple Customary 1 Billion XRP Routine
Today, Ripple unlocked 1 billion tokens in three separate transactions. The first transaction unlatched 100 million XRP tokens worth $59.98 million. The second transaction unlocked 400 million XRP valued at around $239.92 million. Lastly, the third transaction released 500 million XRP worth approximately $299.9 million, totaling 1 billion XRP valued at about $599.8 million.
Market Reaction and Price Impact
Following the announcement, the price of XRP initially dropped by about 3%. However, it quickly recovered and is currently trading at a slight discount of 0.8% to its previous day’s closing price. CoinmarketCap reports that XRP had a strong day before the unlocking, reaching a high of 10.5% and ending with a 3.74% increase.
Ripple’s Partnership with Uphold
Ripple’s partnership with Uphold indicates increased interest in the XRPL ecosystem and its utility token XRP. Uphold is a web3 financial platform that utilizes Ripple Payments powered by XRP for transactions.
Hot Take: Ripple Continues Token Unlock Program Amid Market Recovery
Ripple Labs has unlocked another 1 billion XRP tokens as part of its monthly routine, signaling confidence in the market and its own cryptocurrency. Despite an initial drop in price, XRP quickly rebounded and is currently trading at a slight discount. This unlocking comes as Ripple’s partnership with Uphold highlights growing interest in the XRPL ecosystem and XRP’s utility as a transactional token. As the market recovers, Ripple’s token unlock program demonstrates its commitment to maintaining liquidity and supporting the overall ecosystem.
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