XRP Alert: Ripple Plans Monthly Sell-off of 200 Million Tokens

XRP Price Testing $0.60 Support Amid Ripple's XRPLedger Developments

Ripple has designated 200 million XRP out of the 1 billion it plans to unlock in April for its monthly sell-off. This action, valued at nearly $120 million, comes as XRP’s price struggles below the $0.60 resistance.

Escrow Activity Overview

Ripple maintains approximately 39.90 billion tokens locked in escrow from the initial distribution, yet to be circulated. Every month, Ripple unlocks 1 billion XRP tokens, subsequently re-locking a portion for future release.

Related article: Breaking the Pattern: Ripple Unlocks 500 Million XRP Amid Market Uncertainty

The company initiated this month’s selling strategy by transferring the 200 million XRP from ‘Ripple (22)’ to ‘Ripple (1)’, both accounts under its control. ‘Ripple (22)’ represents the unlocked escrow address, while ‘Ripple (1)’ serves as the treasury reserves.

Similar to previous months, escrow actions have concluded within ‘Ripple (22)’ and ‘Ripple (23)’ accounts. Notably, these actions were previously undisclosed in XRPScan.

‘Ripple (22)’ initially transferred 200 million XRP for April’s sell-off to ‘Ripple (1)’, then sent 300 million tokens to ‘Ripple (12)’, re-locking them until August 2027. Concurrently, ‘Ripple (23)’ sent 100 million and 400 million tokens to ‘Ripple (12)’ and ‘Ripple (13)’, respectively, both placed in escrow until August 2027.

Related article: Bullish Outlook: XRP Set to Break $1 Barrier, Analyst Projects

XRP Price Analysis

Ripple’s past sell-offs have correlated with significant XRP price movements. The company executed sales on various dates in January, February, and March. Interestingly, only two out of eight days saw a slightly positive price action, albeit with modest gains, while the negative movements were more pronounced.

At present, XRP trades at $0.585, having breached the range support at $0.60. Investors should closely monitor Ripple’s selling activities in April, as they may potentially worsen further price declines.

Ripple’s decision to reserve 200 million XRP for its April sell-off reflects its ongoing strategy amidst market fluctuations. This move underscores the need for vigilant monitoring of Ripple’s actions and their impact on XRP’s value.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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