XRP Drops 4% After Ripple Unlocks 900 Million Tokens
XRP is down 3.97% in the last 24 hours and is trading at $0.375 on significant spot exchanges.
Back in 2017, the company locked 55% of the total XRP supply in a series of escrow transactions. It limits the number of new tokens circulated to 1 billion XRP per month.
It should be mentioned that XRP’s recent weak performance is related to Bitcoin‘s inability to sustain above $24,000 rather than to the unlocking of new tokens.
Ripple tends to return most of its issued tokens to its escrow wallet. Due to the predictability of the unlocking process, which takes place on the first day of every month, it barely affects the price of XRP. Despite popular misconceptions, most of those tokens don’t overflow on crypto exchanges.
As CoinCu reported, Ripple sold $408 million worth of XRP in the second quarter. The increase in sales is mainly due to the growing popularity of ODL services.
In other news, Ripple co-founder Jed McCaleb finally sold off his remaining XRP tokens last month, which means he will no longer exert any more selling pressure on the cryptocurrency. sixth greatest death.
The total circulating supply of XRP is currently 48.3 billion tokens, according to data provided by CoinMarketCap.
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Harold
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