The post XRP News: Ripple’s Massive XRP Sell-Offs, How They Impact the Token’s Price appeared first on Coinpedia Fintech News
Ripple, XRP’s largest holder, is responsible for monthly unlocks and sell-offs that impact the token’s price. So far, the company has sold 1.826 billion XRP from its Treasury account, labeled as ‘Ripple (1)‘ on XRPScan. At current prices, this amount is worth $1.07 billion, although the nominal value of each sale has varied year-to-date.
Ripple’s Massive Offloading of XRP
In January, Ripple sold 226 million XRP in three days, which resulted in negative price action for the token. In February, 260 million XRP were sold in another three days, two of which had positive performance. In March, 240 million XRP were sold from the treasury account in two red days.
Moving further, Ripple sold 200 million XRP on two days each of April and May, registering 3 days of gains. But June saw the company’s largest monthly dump in history, offloading a whopping 400 million XRP in two losing days. Just recently, it sold 300 million XRP in two batches of 150 million each, as the price surged.
Is XRP Price Recovering?
XRP is trading at $0.603, up 2.3% in the last 24 hours. The nearly stable performance is due to a recent recovery from the massive drop in early July. Ripple’s token is in a downtrend in the 2024 price chart, marking lower highs and lows throughout the year. This could result from the company’s selling activity and consequent supply inflation.
With a current 55.91 billion XRP circulating supply, Ripple’s unlocks and sales in 2024 have inflated the supply by 3.26%, equal to the YTD observed loss. XRP traders and investors must closely monitor Ripple’s movements to improve their financial decision-making. Notably, on August 1, Ripple is all set to unlock another 1 billion tokens and sell a fraction of them, as has happened so far.
XRP’s Outperforms ETH and BTC!
Notably, the XRP price reached $0.60 on Monday, July 22, gaining 2% over the weekend. XRP price led with a remarkable 12% rebound from $0.54 on July 19 to reclaim the $0.60 level. However, Bitcoin and Ethereum were up by only 7% and 5% during the same trading period. This followed the news of Joe Biden’s decision to quit the Presidential re-election race. A Trump victory presents a more favorable outlook for XRP and its administrators at Ripple Labs.
