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Sunday, June 9, 2024
HomeCryptoRipple will sell 150 million XRP in June

Ripple will sell 150 million XRP in June

In the news of some news sources, Ripple said it will sell 150 million XRP tokens worth about 78 million USD this June.

Source: Wu blockchainSource: Wu blockchain
Source: Wu blockchain

On June 1, Ripple unlocked 1 billion XRP from the initial distribution, locked until 2027. Ripple deposited 200 million XRP into a treasury account and locked 800 million into a new escrow wallet.

Wallet address “Ripple (35)” deposited an additional 200 million tokens into the treasury, bringing the total hoard to 400 million XRP. The sale from the treasury account “Ripple (1)” sent tokens to the anonymous account “rP4X2hTa”, causing inflation of the XRP supply by placing tokens that had never been in circulation.

Ripple wallet address (1).  Source: XRPScanRipple wallet address (1).  Source: XRPScan
Ripple wallet address (1). Source: XRPScan

Up to now, the money is still in the account “rP4X2hTa”. This amount will likely be transferred to the “rhWt2bhR” account and other intermediary addresses before being listed on CEX, as happened in previous sales.

Wallet address “rP4X2hTa”.  Source: XRPScanWallet address “rP4X2hTa”.  Source: XRPScan
Wallet address “rP4X2hTa”. Source: XRPScan

Since the beginning of the year, only 5 out of 12 XRP sell-offs have had a positive effect on the price on February 5, February 11, April 14, May 13 and May 20, while 7 remaining negative impact. XRP’s monthly performance in the first half of 2024 also underperformed, with three out of five months showing declines.

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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