XRP Price Rally Threatened As Ripple Unlocks 1 Billion Tokens

Godspower Owie

1 year ago

3 mins read

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The XRP price rallied as recent reports from leading on-chain crypto tracker Whale Alert have revealed that Ripple Labs, the blockchain-based payment firm, has unlocked another 1 billion XRP as part of its monthly token unlock program.

Origin Of Ripple Customary 1 Billion XRP Routine

Today, the firm has unlocked yet another 1 billion tokens, performed in three separate transactions. Crypto tracker Whale Alert took to X (formerly Twitter) to share the alert with the crypto community, as each whale transaction was made one after the other.

According to data from Whale Alert, the first transaction performed with the escrow account unlatched a significant 100 million XRP tokens, valued at approximately $59.98 million.

The second transaction made by the escrow account was 400 million XRP, valued at around $239.92 million. Meanwhile, the last transaction saw a total of 500 million XRP valued at approximately $299.9 million, making it a whopping 1 billion XRP valued at around $599.8 million.

The price of XRP temporarily dropped in reaction to this announcement, which saw the token falling by about 3% that same day. But this decline was soon overcome, and as of right now, the digital assets are trading at a slight discount of 0.8% to its closing price from the previous day, according to CoinmarketCap.

However, it is noteworthy that XRP had a strong day before the day before the unlocking, rising as high as 10.5% at one point and finishing the day with a 3.74% price increase. Currently, it is roughly trading at $0.6, presenting its highest price since August.

XRP daily trading at $0.60 | Source: Tradingview.com

So far, the company has yet to announce its initial plan for the recently released 1 billion XRP. In light of last’s month 1 billion XRP release, Ripple immediately removed 800 million (80%) of the total XRP tokens unlocked.

Notably, the crypto firm spent approximately 205 million tokens ($112.75 million) from its primary address, “Ripple 1,” in October, even though it reserved about 200 million XRP. Due to this, Ripple used about five million XRP in its balance from earlier this month.

Recent Partnership Set To Boost XRP

The company’s recent partnership with the web3 platform is expected to elevate the XRP holdings on Uphold, thereby boosting the token’s price. This is because Uphold has asserted that it will utilize its expertise to buttress XRP on the market while leaving its current customers’ XRP holdings untouched.

In addition, the platform will also give Ripple the liquidity it needs to handle cross-border transactions. Ripple’s partnership with Uphold indicates increased interest from the web3 financial platform in the XRPL ecosystem and its utility token XRP, which powers transactions on Ripple Payments.

Featured image from Ripple, chart by Tradingview.com

Godspower Owie

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