RIPPLE PREPARES FOR WHAT COULD BE THE LARGEST XRP DUMP IN 7 YEARS
November has arrived, and Ripple has shocked the market, preparing for what could be the largest monthly dump in seven years.
The company, the core developer of the XRP Ledger and the largest holder, retained 470 million $XRP for sale, worth 240 million dollars at the current price (0.512 dollars).
Every month since 2017, Ripple unlocks 1 billion XRP and retains a portion – usually 200 million XRP – for sale.
In November, Ripple unlocked 1 billion but for the first time in many years, retained more than twice the usual amount for its sales activities.
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This month's escrows were completed in Ripple (24) and Ripple (25) accounts, unlocking 500 million XRP per account, as usual. Ripple (25) has locked it all back in escrows for 2028 in Ripple (12) and Ripple (13) accounts, as usual.
However, Ripple (24) only locked 30 million XRP in Ripple (12), in an unprecedented manner sending 470 million XRP to Ripple (1).
This is the account used for monthly dumps over the years.
Notably, Ripple's largest previous dump occurred in June after retaining 200 million XRP and an additional 200 million from Ripple's idle account (35), as I reported to Finbold.
The major and unprecedented sell-off ended on June 20, which I also reported, with a total of 400 million XRP sold.
XRP has accumulated an 18.70% loss to date.
Interestingly, Ripple has sold 2.576 billion XRP in 2024 so far. The largest sales to date occurred in June (400 million), September (350 million), and July (300 million).
However, in all previous months, Ripple only retained the usual amount of 200 million XRP from the unlocked escrows. Additional selling pressure came from idle accounts throughout the month – different from what we are observing now, in November.
What do you think will happen next