Ripple (XRP) Monthly Unlock of 1 Billion Tokens Scheduled for July 1st, Could Influence the Crypto Market
- WBOYOriginal
- 2024-06-28 07:34:18730browse
Ripple is about to release 1 billion XRP on July 1st, which represents a market value of 470 million USD. This monthly unlocking process, in place since 2017, could influence the crypto market by exerting downward pressure on the price of XRP.
Ripple will release another 1 billion XRP on July 1st, which is valued at around 470 million USD at the current market price.
This monthly unlocking process, which has been ongoing since 2017, could impact the crypto market by potentially putting downward pressure on the price of XRP.
Here's a closer look at the unlocking and its possible effects on the crypto market.
Since 2017, Ripple has been unlocking XRP from an escrow account in two tranches of 500 million each, typically on the first and third Fridays of the month. This unlocking process is scheduled to continue until January 2025.
The unlocked XRP can be used by Ripple for various purposes, including sales, funding projects, or adding to liquidity pools. Ripple's use of the unlocked XRP is closely monitored by the crypto community, as it can significantly influence the market price of XRP.
In June, after the usual unlocking, Ripple sold 200 million XRP. The company placed the rest in futures contracts for September 2027, effectively adding 200 million XRP to the sale. This marked the largest monthly sale in Ripple's history.
Ripple's sales often have a direct impact on the price of XRP. For instance, in 2024, out of the 14 sale days, only five saw an increase in the price of XRP, while the other days were characterized by declines.
Furthermore, XRP experienced a downward trend during four of the first six months of 2024. Since the unlocking of 1 billion XRP on June 1st, the price of XRP has dropped by 9.25%, currently trading at $0.467.
It's important for investors and traders to keep an eye on these unlockings, as they can serve as short-term price indicators. However, it's crucial to remember that past performance is not necessarily indicative of future results and that investing in crypto carries inherent risks.
Moreover, the monthly unlocking of 1 billion XRP by Ripple is a key event for market participants. It is essential to stay vigilant and informed, as these actions can significantly influence the price of XRP and the dynamics of the crypto market.
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