Insight into Ripple’s XRP Sell-offs: What You Need to Know 📈
One of the most well-known cryptocurrency companies globally is Ripple, which focuses on developing and promoting the XRP Ledger. Notably, Ripple holds the largest share of XRP tokens and regularly sells off portions of its holdings, influencing the token’s market value.
The Impact of Ripple’s XRP Sales on Token Prices 📉
- Approximately 1.826 billion XRP have been sold by Ripple from its Treasury account, known as ‘Ripple (1)’ on XRPScan, valued at around $1.07 billion at current prices.
- Sales in 2024 have varied, with negative price actions observed in January following the sale of 226 million XRP. February saw positive and negative performance after the sale of 260 million XRP, while March closed with 240 million XRP sold in the treasury account.
- April and May witnessed the sale of 200 million XRP on two days each, with three days of gains. However, June marked the largest monthly dump of 400 million XRP in two days, alongside the recent sale of 300 million XRP.
XRP Price Trends in 2024 amid Ripple’s Selling Activities 📊
XRP is currently trading at $0.587, experiencing a 4.23% loss year-to-date. Despite recent recovery from a significant drop in July, the token’s price chart for 2024 shows a downtrend with lower highs and lows, potentially affected by Ripple’s selling behavior and subsequent supply increase.
- Ripple’s actions in 2024 have led to a 3.26% supply inflation, equivalent to the observed year-to-date loss.
- With a circulating supply of 55.91 billion XRP, it is essential for XRP traders and investors to carefully monitor Ripple’s movements to make informed financial decisions.
- On August 1, Ripple plans to unlock an additional 1 billion tokens for sale, continuing its selling strategy.
Hot Take: Stay Informed to Navigate Ripple’s XRP Sell-offs Effectively 🚀
Understanding Ripple’s selling patterns and the subsequent impact on XRP prices is crucial for your investment strategy. Keep a close eye on Ripple’s activities to make informed decisions and navigate the market effectively in the dynamic world of cryptocurrencies.
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