The post Price crashes after Ripple sells 200 million XRP unlocked in August appeared on BitcoinEthereumNews.com.

Ripple finally sold all the 200 million XRP tokens reserved for August’s sell-off from the monthly unlock as prices crashed. The cryptocurrency market experienced a wave of liquidations that also affected XRP, while Ripple’s treasury account moved its units. As Finbold previously reported, Ripple unlocked 1 billion XRP on August 1 and reserved 200 million in its treasury account. Every month, the company unlocks the same amount and arbitrarily prepares the monthly sell-off. Then, it conducts the selling activity by sending the reserved tokens to an unknown account, which later lands in crypto exchanges. Given the undisclosed nature of Ripple transactions, the market considers these first transactions — from treasury to unknown – as OTC sales. Notably, the transaction, worth nearly $120 million, occurred at 07:30 p.m. (UTC), with XRP trading at $0.59. This was less than two hours before the asset experienced a massive crash down to $0.55. As of this writing, XRP is changing hands by $0.583, partially recovered from the drop. XRP 24-hour price chart. Source: Finbold What happened with Ripple’s 200 million XRP payment? After reserving the tokens in ‘Ripple (1)‘, the company waited 27 days to make its move, a notable unusual behavior. Ripple usually conducts these sales in phases throughout the month, often in two to four transactions. However, August’s sell-off occurred in a single batch in the middle of the month’s last week, four days before closing. As developed, the company sent 200 million XRP to rP4X2hTa7A7udDbE6wczXvPz7XZ63sKxv, who kept 100 million, sending the other half to rhWt2bhRq3wiK9sQnYVmhhKb5Dr2SE32hk. These are the two addresses with unknown ownership that receive most of Ripple’s tokens every month. Ripple (1) and rP4X2hTa7A7udDbE6wczXvPz7XZ63sKxv transaction history. Source: XRPScan Later, Ripple’s mysterious buyer sent 16.40 million to r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn, an account usually used as the last step before dumping to exchanges. In…

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Filed under: News - @ August 28, 2024 1:20 pm