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Beware: Ripple to unlock 1 billion XRP tokens for July sell-offs

Beware: Ripple to unlock 1 billion XRP tokens for July sell-offs

Ripple, the company behind the XRP Ledger (XRP) development, will unlock 1 billion tokens on July 1, worth $470 million. This is part of Ripple’s monthly sell-offs, which could negatively impact the XRP price in the following weeks.

Historically, Ripple has been unlocking 1 billion tokens through escrows, finalized on the first day of every month, since 2017. According to XRPScan, the company has been using ‘Ripple (24)‘ and ‘Ripple (25)‘to manage the escrows since May 2024. The wallets currently hold the 1 billion XRP monthly unlock escrows until January 2025.

In particular, Ripple (24) will unlock 500 million XRP in two escrows of 100 million and 400 million tokens, while Ripple (25) will unlock a single escrow of 500 million tokens on July 1.

Ripple (24) and Ripple (25) escrow data. Source: XRPScan

What happened after Ripple’s XRP token unlock in June

The escrow system unlocked 1 billion XRP on June 1 from ‘Ripple (24)’ and ‘Ripple (25)’ accounts. Later, Ripple reserved 200 million tokens for the sell-off and re-locked the rest in escrows for September 2027. Moreover, the company added 200 million extra XRP for this last sell-off, totaling 400 million for the largest monthly dump in its history.

Monthly Ripple (XRP) unlock – June, 2024. Source: Finbold

As developed, ‘Ripple (24)’ sent 200 million XRP to ‘Ripple (1)‘, the treasury account. On June 7, the company sold 150 million of the reserved amount. On June 20, Ripple dumped the remaining 250 million XRP, closing its month’s sell-off.

Ripple (1) transaction history. Source: XRPScan

XRP price analysis amid Ripple sell-offs

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 five of the 14 sell-off days had positive price action: February 5, 11, April 14, May 13, and 20. All the other nine days were of local crashes, evidencing the importance of monitoring the company’s activities.

Furthermore, XRP had a negative monthly performance in four of the first six months of 2024, year-to-date. So far, this month has displayed a very negative price action from its opening when Ripple unlocked 1 billion XRP on June 1.

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

As of this writing, XRP was trading at $0.469 per token, 9.25% down from the token unlock.

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

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