The post Will XRP fall to $0.43 after Ripple’s unlocking of tokens worth $559M? appeared on BitcoinEthereumNews.com.

Ripple unlocked 1 billion XRP tokens worth $559.9 million XRP has depreciated significantly over the last 30 days Over the course of August, XRP lost much of its value on the price charts. In fact, at the time of writing, the altcoin was down 8.16% on the monthly charts to trade at $0.5569. The month of August saw XRP experience extreme volatility, with the altcoin dropping to a local low of $0.43. However, XRP soon recovered to hit a local high of $0.64. Alas, this wasn’t to last as the crypto lost its gains once again. On the back of such inconsistent price action, Ripple is in the news today after its latest series of XRP token unlocks. Ripple’s 1 billion XRP Token Unlock According to a popular whale transaction tracker on X, Ripple pushed through three consecutive unlocks totaling 1 billion XRP tokens. Based on the market value, these tokens were worth $559.9 million on the price charts. The latest unlock was done in a batch of three different transactions, with one worth 500k XRP and the other two worth 300k and 200k. “500,000,000 #XRP (280,008,999 USD) unlocked from escrow at unknown wallet.” The latest unlock has left investors worried about subsequent price drops. Historically, these scheduled unlocks negatively affect XRP prices. For instance, in June, Ripple offloaded 200 million tokens, and the altcoin dropped by 9.25% to trade at $0.475. XRP’s price also fell during August’s unlocks, with the altcoin falling to $0.56 from $0.65. Since January 2024, Ripple has released over 2.02 billion XRP tokens from its treasury worth $1.15 billion. During this period, prices have registered losses in four out of eight months after each unlock. XRP only recorded gains in February and July after unlocks, while seeing some very neutral market responses other 2 months.…

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Filed under: News - @ September 1, 2024 10:02 pm