XRP Drops 2% After Regular Unlock by Ripple… Only 330 Million Tokens Enter Market
Summary
- Ripple reportedly unlocked a total of 1 billion XRP through its regular XRP lockup release.
- It was announced that only 330 million XRP actually entered the market this time, which is about one-third of the total unlocked amount.
- After the unlock, the XRP price dropped by about 2%, and 24-hour trading volume also declined by 18%.
Ripple unlocked 1 billion XRP through its regular token lockup release this month, with the XRP price dropping about 2% as a result.
According to the crypto-focused media outlet Coinpedia on the 5th (local time), Ripple released a total of 1 billion XRP from escrow through three transactions that day. Of these, 670 million tokens were immediately returned to escrow. Therefore, only about 330 million new XRP actually entered the market, amounting to about one-third of the total unlocked supply.
Following the unlock, XRP is trading at around $2.19, down approximately 2%. The 24-hour trading volume is $2 billion, a decrease of 18%.
Meanwhile, since 2017, Ripple has maintained an operational model in which 55 billion XRP were locked up, with 1 billion tokens released each month and a portion re-deposited into escrow. This is said to aim at securing operational funds while stabilizing supply.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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