Ripple, the developer of the XRP Ledger (XRP) and its largest holder, executed a sale of 150 million XRP from this month's reserves on June 7th. With a value of $78 million, this sale accounts for 0.25% of XRP's $29.25 billion capitalization, priced at $0.52 per token.
On June 1st, the company released 1 billion XRP from the initial distribution, previously locked in monthly escrows until 2027. Following this, Ripple transferred 200 million XRP to its treasury account and locked the remaining 800 million in new escrows.
Additionally, the 'Ripple (35)' account directed an additional 200 million tokens to the sell-off reserves, bringing the total to 400 million XRP.
Typically, the selling activity originates from the treasury account, labeled 'Ripple (1),' which transfers tokens to the unlabeled account 'rP4X2hTa.' This action results in XRP supply inflation, introducing tokens that have never been in circulation before.
Ripple (1) account summary, assets, transactions. Source:XRPScan
Currently, the funds remain in the 'rP4X2hTa' account, expected to be distributed to 'rhWt2bhR' and other intermediary addresses before reaching cryptocurrency exchanges, mirroring previous months' patterns.
‘rP4X2hTa’ account summary, assets, transactions. Source:XRPScan
The correlation between Ripple's sales and XRP's price dynamics is notable, as these sales create supply pressure on the spot market. Historically, XRP experienced local price downturns during most of Ripple's sell-off events.
XRP/USD daily price chart, with Ripple dump activity. Source:TradingView/ Finbold (Vini Barbosa)
Year-to-date, only five out of the 12 sell-off days yielded positive price movements: February 5th, 11th, April 14th, May 13th, and 20th. Conversely, the remaining seven days saw local price declines, highlighting the significance of monitoring Ripple's activities.
Moreover, XRP reported negative monthly performances in three of the first five months of 2024.
As of the latest update, XRP is trading at $0.523, facing increasing supply pressure relative to its spot price. Investors are advised to closely monitor Ripple's sell-offs in June, as they could potentially impede an anticipated bullish rally during this cycle.
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