Ripple Unlocks 1 Billion XRP Worth $1.92 Billion
Ripple has unlocked 1 billion XRP tokens today, valued at approximately $1.92 billion at the current price. This step is part of a regular monthly process where Ripple releases 1 billion XRP to the market on the first day of each month. According to the XRPL plan, a total of 55 billion XRP will be gradually unlocked from escrow accounts, accounting for about 55% of the total supply of the cryptocurrency. This strategy aims to ensure predictability in XRP’s supply.
Currently, Ripple holds around 37.24 billion XRP in its accounts. How many tokens will remain on the market after today’s release will only be clear once the company locks unused tokens back into escrow.
XRP Release Could Trigger Volatility
XRP is currently one of the most discussed cryptocurrencies on the market. The release of such a large amount of tokens, especially when the price is at a seven-year high, could raise concerns or even panic among less experienced investors. XRP closed November with a price gain of 283.9%, making this move even more closely watched.
Although the regular unlocking of XRP is planned and common, it can bring short-term volatility. XRP's price dropped on the first day of December, but the decline was only 2.4%, which is negligible compared to the bullish trend of November.
XRP Remains Stable Despite Market Events
Despite the minor decline, XRP continues to trade above its opening price of $1.93 on the Bitstamp exchange. This positive result shows that the market is so far able to absorb the impact of the token release without significant disruptions.
Outlook for the Coming Days
In the upcoming days, particularly on Monday, it will be interesting to see how XRP performs under higher trading volumes. So far, the start of December seems to be a continuation of XRP's successful streak, even as the token release event garners significant attention.
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