Ripple, the biggest holder of XRP, regularly unlocks and sells the token, affecting its price. So far, Ripple has sold 1.826 billion XRP from its Treasury account, known as ‘Ripple (1)’ on XRPScan. At today’s prices, this amount is worth $1.07 billion, though the value of each sale has changed throughout the year.
Ripple’s large scale sell offs
In January, Ripple sold 226 million XRP in just three days, causing the token’s price to drop. In February, they sold 260 million XRP over another three days, with two of those days seeing positive price action. In March, 240 million XRP were sold over two days, both of which saw price declines.
In April and May, Ripple sold 200 million XRP over two days each month, with the token experiencing gains on three of those days. June marked Ripple’s large scale sell off, with 400 million XRP sold in just two days, both of which saw price drops. Recently, Ripple sold 300 million XRP in two batches of 150 million each, during a price surge.
Is XRP price bouncing back?
XRP is trading at $0.603, up 2.3% in the last 24 hours, showing a slight recovery from the big drop in early July. Throughout 2024, Ripple’s token has been in a downtrend, consistently hitting lower highs and lows. This decline might be due to Ripple’s continuous selling, which has increased the token’s supply.
Currently, there are 55.909 billion XRP in circulation. Ripple’s sales and unlocks in 2024 have increased the supply by 3.26%, which matches the year-to-date loss.
XRP traders and investors should keep a close eye on Ripple’s actions to make better financial decisions. On August 1, Ripple is expected to unlock another 1 billion tokens and sell some of them, continuing their usual pattern.
XRP tops the charts, beating ETH and BTC!
On Monday, July 22, XRP’s price hit $0.60, rising 2% over the weekend. It saw a notable 12% rebound from $0.54 on July 19, reaching the $0.60 mark. At the time of writing XRP is trading $0.6118 and increased by around 5% in 24 hours.
In comparison, Bitcoin and Ethereum only increased by around 8% and 5% during the same period. This price movement came after Joe Biden announced he was dropping out of the Presidential race. A potential win for Trump is seen as more positive for XRP and Ripple Labs.
