Unlocking the Ripple Effect on XRP
One of the largest holders of XRP, Ripple, has been engaging in monthly unlocks and sell-offs, causing fluctuations in the token’s price. To date, the company has sold 1.826 billion XRP from its Treasury account, which can be viewed as ‘Ripple (1)’ on XRPScan. The current value of this amount is approximately $1.07 billion, although the actual value of each sale has varied throughout the year.
Ripple’s Extensive Selling Activities with XRP
At the start of the year, in January, Ripple unloaded 226 million XRP over three days, leading to a negative impact on the token’s price. Subsequently, in February, another 260 million XRP were sold in three days, with two days showing positive performance. March witnessed the offloading of 240 million XRP from the treasury account, resulting in price declines.
- April and May: 200 million XRP sold on two days each, with three days of gains
- June: Recorded the largest monthly dump in the company’s history, selling 400 million XRP in two losing days
- Recent Activity: Sold 300 million XRP in two batches of 150 million each, coinciding with a surge in price
Analyzing the Recovery of XRP Price
The current trading price of XRP stands at $0.603, showing a 2.3% increase in the last 24 hours. This relatively stable performance can be attributed to a recent recovery phase after the significant drop observed earlier in July. However, the 2024 price chart indicates a downtrend for Ripple’s token, characterized by lower highs and lows throughout the year, potentially linked to the company’s selling activities and subsequent supply expansion.
- Supply Dynamics: Ripple’s sales in 2024 have increased the circulating supply by 3.26%, offsetting the observed loss for the year
- Monitoring Ripple: Traders and investors of XRP should closely monitor the actions of Ripple to make informed financial decisions
- Upcoming Unlock: On August 1, Ripple is set to unlock another 1 billion tokens and sell a portion of them
XRP’s Performance Surpassing ETH and BTC
On July 22, XRP’s price hit $0.60, marking a 2% gain over the weekend. Notably, XRP outperformed Bitcoin and Ethereum during the same period, with a substantial 12% increase from $0.54 on July 19 to reclaim the $0.60 level. This positive movement followed the news of Joe Biden withdrawing from the Presidential re-election race, which could signal a more favorable outlook for XRP under a Trump administration.
For Additional Reading: Ripple vs. SEC Settlement to Trigger XRP Price Rally: What to Expect on July 25th?
Hot Take: Navigating the Ripple Effect
As an XRP enthusiast, staying informed about Ripple’s unlock and selling activities is crucial for your investment decisions. The continuous offloading of XRP by Ripple has been impacting the token’s price and overall market dynamics. Monitoring these developments closely can help you navigate the fluctuations in XRP’s value and make well-informed choices regarding your holdings.
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