The post Ripple will unlock 1 billion XRP on August 1 appeared on BitcoinEthereumNews.com.

Ripple is responsible for developing the XRP Ledger (XRP) and is the token’s largest holder, whose actions impact its price. On August 1, the company will unlock another 1 billion XRP from the initial distribution, potentially creating relevant selling pressure. Notably, Ripple has done these unlocks every month since implementing the escrow system in 2017, locking 55 billion XRP. Right now, around 44.02 billion XRP are still locked into these escrows, waiting to enter circulation through Ripple sell-offs. The next escrows will end on July 31, releasing the tokens with a $600 million nominal value by press time. However, Ripple may re-lock the most part of it, as happened in previous months. Finbold retrieved on-chain data from XRPScan, revealing that the unlocking will happen at ‘Ripple (24)‘ and ‘Ripple (25)‘ accounts. The former has two escrows worth 200 million and 300 million XRP, while the latter has a single 500 million contract – totaling 1 billion XRP. Ripple (24) and Ripple (25) accounts, escrows. Source: XRPScan / Finbold Ripple’s previous 1 billion XRP unlocks Ripple unlocked 1 billion XRP in July and sent 200 million to its treasury account, ‘Ripple (1)‘, relocking 800 million. Monthly Ripple (XRP) unlock – July, 2024. Source: Finbold Later, it added another 100 million XRP from a liquid address under the company’s control, ‘Ripple (35).’ This was a similar activity observed in June, resulting in a monthly sell-off of 400 million and 300 million XRP, respectively. As Finbold reported, Ripple sold 1.826 billion XRP from its treasury account year-to-date, worth $1.09 billion at current prices of $0.60 per token. The asset is down 1.60% in this same period, recently recovering from a massive crash. XRP year-to-date price chart. Source: Finbold XRP price analysis amid Ripple unlocks In January, Ripple sold 226 million XRP in three…

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Filed under: News - @ July 28, 2024 4:18 pm