Ripple sells 150 million XRP from its July reserve, putting pressure on XRP price

On July 9, Ripple sold another 150 million XRP from its reserve, worth about $64.5 million. As the largest holder of XRP, Ripple's move is expected to weigh on market sentiment. Ripple sells XRP: the driving force behind market volatility

Sales in July

On July 1, Ripple released 1 billion XRP from its monthly escrow account. 200 million of these were transferred to the company's treasury, and the remaining 800 million were deposited into a new escrow account. Ripple also transferred 100 million XRP to the sale reserve, for a total of 300 million XRP to be sold.

Ripple typically transfers tokens from the "Ripple (1)" account to the unlabeled "rP4X2hTa" account to increase the circulating supply. Currently, there are 100 million XRP in this account, and 50 million have been transferred to the "rhWt2bhR" account, which may then be sent to a centralized exchange.

Whale Movements

On July 8, WhaleAlert reported that a large holder transferred 35.35 million XRP, worth about $16 million, to the Bitstamp exchange. This move has sparked speculation about the possible actions of large XRP holders, especially in the context of the SEC case.

Ripple's regular sales usually lead to a drop in the price of XRP. In 2024, the price rose on only 5 of the 14 days of sales, indicating its huge impact on the market. In the first half of this year, XRP performed poorly in four of the six months, and the total supply increased by 3.10%.

Currently, XRP is trading at $0.43, down 30% this year and 17% since the sharp sell-off on June 7.

Ripple's legal dispute with the SEC remains an important factor affecting market sentiment.

The pending ruling will determine the fine, with the SEC advocating a $2 billion fine and a ban on future institutional sales, while Ripple proposed a $10 million fine. Fred Rispoli, a pro-cryptocurrency lawyer, speculated that the final judgment could be made by July 13 or the end of the month, and the fine is expected to be less than $25 million, with no refunds

Ripple's sales and whale activities have caused market sentiment to fluctuate, and coupled with legal disputes, the future of XRP is full of uncertainty. Investors need to pay close attention to these developments to make wise decisions.