Ripple sold $52 million worth of 100 million XRP tokens from this month’s sell-off reserves on April 24. This dump marks the end of April’s tokens unlock, and the company prepares for May’s 1 billion XRP release.

On April 1, Ripple released 1 billion of its tokens from the initial distribution, locked in monthly escrows until 2027. The company then sent 200 million XRP to its treasury account and locked the remaining 800 million in new escrows.

Notably, Ripple sold the first half on April 14 amid geopolitical tensions with an escalation of the Iran-Israel conflict. This was the longest waiting period recently observed for Ripple’s monthly sell-offs, which concluded on April 24.

As usual, the two selling activities resulted from the treasury account, labeled Ripple (1), sending 100 million XRP to the unlabeled account rP4X2…sKxv3.

Ripple (1) account summary, assets, transactions. Source: XRPScan

What happened to Ripple April’s sell-offs?

After receiving the first 100 million this month, Ripple’s destination account rP4X2…sKxv3 distributed some tokens to four unlabeled accounts. However, the distributed amount surpassed 120 million XRP, which is higher than what was received, likely using previous reserves.

rP4X2…sKxv3 account summary, assets, transactions. Source: XRPScan

Following Ripple’s second selling activity, the account distributed over 152 million XRP to three of the same unlabeled accounts, of which 2 million were for a different one.

In particular, rhWt2…E32hk received the most of April’s sell-offs. This account has been constantly used as an intermediary step for Ripple’s dumps, relaying the unlocked XRP to labeled centralized exchange addresses.

rP4X2…sKxv3 account summary, assets, transactions. Source: XRPScan

XRP price analysis

It is noteworthy how Ripple sales directly impact XRP’s price, considering the supply pressure they create on the spot market. Historically, XRP suffered a local crash most of the time Ripple sold its tokens.

In 2024, only three out of 10 sell-off days had positive price action: February 5, 11, and April 14. All the other seven days were of local crashes, evidencing the importance of monitoring the company’s activities.

XRP/USD daily price chart, Ripple sell-off illustrated. Source: TradingView/Finbold

As of this writing, XRP was trading at $0.52 per token, down nearly 5% from Ripple’s most recent dump.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.



Source link

Open next page to continue reading

Share.
Leave A Reply