Ripple, the leading XRP holder, executed a significant sell-off on May 13, selling 150 million tokens from this month's reserves, totaling $75 million. This sale represents 0.25% of XRP's $28 billion market capitalization, with the token priced at $0.50.
On May 1, Ripple released 1 billion XRP from initial distribution, with 200 million transferred to its treasury account and the remaining 800 million locked in new escrows until 2027.
The recent selling activity occurred between Ripple's treasury account and unlabeled accounts, resulting in supply inflation as previously unreleased tokens enter circulation. The 150 million XRP sale inflates supply by 0.25%, contributing to an estimated 4.35% yearly inflation rate.
Ripple (1) account summary, assets, transactions. Source:XRPScan
The 150 million XRP sale follows a typical distribution pattern, with tokens transferred to multiple accounts before reaching centralized exchanges for sell-off. This process may create supply pressure on the spot market, potentially impacting XRP's price.
rP4X2hTa7A7udDbE6wczXvPz7XZ63sKxv3 account summary. Source:XRPScan
Ripple's sell-offs historically affect XRP's price, often resulting in local crashes. Out of 10 sell-off days in 2024, only three saw positive price action, highlighting the significance of monitoring Ripple's activities.
XRP/USD daily price chart, Ripple sell-off illustrated. Source:TradingView/Finbold
As of writing, XRP is trading at $0.507 per token, down nearly 7% from Ripple's recent sell-off. Weak momentum, indicated by the relative strength index (RSI), suggests challenges ahead as Ripple continues to inflate XRP's supply.
Ripple's substantial sell-off raises concerns about its potential impact on XRP's price and market dynamics, emphasizing the need for careful monitoring of Ripple's activities in the future.
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