Ripple is one of the world’s most famous cryptocurrency companies, developing and promoting the XRP Ledger (XRP). At the same time, Ripple is XRP’s largest holder, responsible for monthly unlocks and sell-offs that impact the token’s price.
So far, the company has sold 1.826 billion XRP from its Treasury account, labeled as ‘Ripple (1)‘ on XRPScan. At current prices, this amount is worth $1.07 billion, although the nominal value of each sale has varied year-to-date.
In January, Ripple sold 226 million XRP in three days, all resulting in negative price action for the token. February had a total of 260 million XRP in another three days, two of which had positive performance. March closed the first quarter with 240 million XRP sold from the treasury account in two red days.
XRP/USD daily price chart with Ripple sell-offs. Source: TradingView / Finbold
XRP price analysis in 2024 amid Ripple sell-offs
As of this writing, XRP trades at $0.587 and is losing 4.23% year-to-date. The nearly stable performance is thanks to a recent recovery from a massive drop in early July.
Nevertheless, Ripple’s token draws a downtrend in 2024’s price chart, making lower highs and lows throughout the year. This slightly negative price action could be the result of the company’s selling activity and consequent supply inflation.
XRP year-to-date price chart. Source: Finbold
With a current 55.91 billion XRP circulating supply, Ripple’s unlocks and sales in 2024 have inflated the supply by 3.26% so far – equivalent to the YTD observed loss. Therefore, XRP traders and investors should closely monitor Ripple’s movements in order to improve financial decision-making.
On August 1, Ripple is set to unlock another 1 billion tokens and sell a fraction of it, as happened so far.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk
