Ripple’s massive XRP sale, how it will affect the value of the token
Ripple, the largest holder of XRP, is responsible for monthly launches and sales that affect the token's value. To date, the company has sold 1.826 billion XRP from its treasury account, labeled ‘Ripple (1)' on XRPScan. At current prices, that amount is worth $1.07 billion, although the nominal value of each sale varies from year to year.
Ripple's Massive Offloading of XRP
In January, Ripple sold 226 million XRP in three days, resulting in negative price action for the token. In February, 260 million XRP were sold in another three days, two of which had a positive performance. In March, 240 million XRP were sold from the treasury account in two red days.
Going forward, Ripple sold 200 million XRP every two days in April and May, recording a 3-day profit. June, however, saw the company's biggest monthly dump, shedding 400 million XRP in two losing days. Just recently, he sold 300 million XRP in two batches of 150 million each as the price rose.
Is XRP price recovering?
XRP is trading at $0.603, up 2.3% in the last 24 hours. The stable performance is due to the recent recovery from the sharp decline in early July. Ripple's token is at the bottom of its 2024 price chart, showing low highs and lows throughout the year. This may result in the company's sales activity and consequently supply inflation.
With a current supply of 55.91 billion XRP in circulation, Ripple's openings and sales in 2024 will increase the supply by 3.26%, equaling the loss recorded YTD. XRP traders and investors should closely monitor Ripple's activity to improve their financial decision making. In particular, on August 1, Ripple is ready to open another 1 billion tokens and sell some of them.
XRP's Outpace ETH and BTC!
In particular, the price of XRP reached $0.60 on Monday, July 22, gaining 2% over the weekend. XRP price recovered an impressive 12% from $0.54 on July 19th to reclaim the $0.60 level. However, Bitcoin and Ethereum only increased by 7% and 5% during the same trading session. This follows Joe Biden's decision to drop out of the presidential race. Trump's victory gives XRP and its managers Ripple Labs a more favorable outlook.
