Date: Mon, July 29, 2024, 04:58 AM GMT
In the cryptocurrency market, every move can cause ripples of excitement and anxiety among investors. One such anticipated event is the monthly release of XRP tokens by Ripple, the blockchain payment giant. As August 1 approaches, 1 billion XRP tokens, valued at over $600 million, are set to enter the market, stirring curiosity and concern among market participants.
Ripple’s Monthly XRP Unlock
Since 2017, Ripple has adhered to a systematic schedule of unlocking 1 billion XRP tokens at the start of each month. The upcoming release on August 1 is no exception. Ripple uses two main wallets, Ripple (24) and Ripple (25), to split these monthly unlocks evenly.
Previous Unlocks and Market Impact
In July, Ripple unlocked 1 billion XRP and allocated 200 million tokens to its treasury account, ‘Ripple (1),’ while relocking the remaining 800 million tokens. Additionally, Ripple transferred another 100 million XRP from a liquid address under the company’s control, ‘Ripple (35).’ Similar activities were observed in June, resulting in monthly sell-offs of 400 million and 300 million XRP, respectively.
Year-to-Date Sales
According to Finbold, Ripple has sold 1.826 billion XRP from its treasury account year-to-date, translating to approximately $1.09 billion at the current price of $0.60 per token. Despite these substantial sales, XRP has experienced a modest decline of 1.60% over this period, recently recovering from a significant crash.
Market Anticipation for August
As the market braces for the August 1 unlock, investors and traders are keen to see how Ripple’s actions will influence XRP’s price and market dynamics. With the cryptocurrency market’s inherent volatility, caution is advised. Observing Ripple’s selling patterns and understanding XRP’s economic fundamentals will be crucial for anyone looking to navigate this release.
As we approach August 1, the XRP community and broader crypto market will be watching closely, ready to react to Ripple’s next move.
Disclaimer
This article is for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry risk, and readers should conduct their own research and consult with a professional financial advisor before making any investment decisions.