Ripple, the company behind $XRP, is scheduled to release another 1 billion XRP tokens on July 1st. This is a regular event for Ripple, but it can drive down the price of XRP because it increases the number of tokens available for purchase.
Ripple has been doing this since 2017, releasing 1 billion XRP every month on the first day. They use specific accounts to manage these releases.
In July, 500 million XRP will come from two accounts and another 500 million from a different account.
This July release is part of a larger trend. In June, Ripple not only released the usual 1 billion XRP, but they also added an extra 200 million, making it their biggest sell-off ever. They then sold most of these extra tokens throughout the month.
Historically, these Ripple sell-offs tend to hurt the price of XRP. In fact, so far in 2024, only a few days after a sell-off did the price actually go up. With XRP already having a rough year, this July release could put further downward pressure on the price.
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