The company behind the development of XRP released 400 million tokens in June, with a total value of $211 million (€194 million).
The Ripple company, which created XRP, released 400 million tokens of this crypto in early June, for a total value of $211 million, according to the Finbold website. If these tokens unlocked on a wallet of the company (“Ripple (1)”) are sold well, it will be the biggest sale in 7 years and could have an impact on the price of XRP in the weeks to come.
Every month since the creation of the XRP token, the group developing this token sells part of its reserves, which increases the circulating supply. As of June 4, 55,450,358,947 tokens (or 55.4 billion) are in circulation (55.45% of the total supply that will be issued), according to the Coinmarketcap website. But in the meantime, in addition to the 200 million tokens usually sent by Ripple each month to this specific account (“Ripple (1)”) before being transferred over time, Ripple has added an additional 200 million XRP . Which could mean that the company intends to sell around 400 million XRP this month.
In 2024, Ripple releases between 200 and 260 million XRP each month. If the company proceeds with the market release of 400 million XRP this month, it would be the biggest sale in seven years and could potentially create significant movements in the crypto market. Indeed, if demand does not increase but the circulating supply increases, the price of XRP risks falling. For the moment, XRP is relatively stable and is trading at 0.48 euros this Tuesday, June 4 at 3:45 p.m. (-0.69% over one year, -0.2% over one week).
Ripple currently holds 4.8 billion XRP in its wallet. Regularly selling its assets is a way for the company to free up money to continue growing. XRP is the 7th largest cryptocurrency in the world in terms of capitalization with a total token value of nearly $29 billion.
Source: https://www.bfmtv.com/crypto/ripple-en-passe-de-vendre-400-millions-de-xrp-en-juin-le-plus-gros-montant-depuis-7-ans_AV-202406040687.html
