Rocky Road for XRP Price as Massive Ripple Sell-Offs Fuel Volatility
Elena R22 Jul 20242 min read
Ripple, the largest holder of XRP, plays a crucial role in the token’s price fluctuations through its monthly unlocks and sell-offs. To date, the company has offloaded 1.826 billion XRP from its Treasury account, known as ‘Ripple (1)’ on XRPScan.
At current prices, this equates to approximately $1.07 billion. However, the value of each sale has varied throughout the year.
Early-Year Sales: Market Reacts!
In January, Ripple sold 226 million XRP over three days, causing a noticeable dip in the token’s price. February saw 260 million XRP sold over a similar timeframe, though two of those days experienced positive performance. March’s activity included 240 million XRP sold across two days of negative price action or “red days”.
Ripple’s sales continued with 200 million XRP sold on two separate days each in April and May, leading to three days of gains. June, however, marked the company’s largest monthly sell-off, with 400 million XRP sold over two days of price declines. Recently, Ripple sold 300 million XRP in two batches of 150 million, coinciding with a price surge.
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 Price Analysis
On Monday, July 22, XRP’s price reached $0.60, reflecting a 2% gain over the weekend. This marked a notable 12% rebound from $0.54 on July 19. In contrast, Bitcoin and Ethereum saw increases of 7% and 5%, respectively, during the same period. This price movement followed news of President Joe Biden’s withdrawal from the Presidential re-election race, with a potential Trump victory seen as more favorable for XRP and Ripple Labs.
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It’s time to weigh in! What’s your investment strategy for XRP given Ripple’s actions?
