Ripple Sells 100 mn XRP As Geopolitical Tensions Escalate
Ripple, the largest holder of XRP tokens, is set to sell 100 million tokens on Sunday due to the Iran-Israel conflict and a cryptocurrency market crash. The company’s recurrent monthly sell-offs have significantly impacted the asset’s price.
In April, Ripple unlocked 1 billion XRP and sent 200 million tokens to its Treasury account, labeled as ‘Ripple (1)’.
This month’s sell-off took longer than usual, with half of the reserves leaving the account, estimated to be worth $50 million.
The 100 million XRP tokens were still idle in the ‘rP4X2…sKxv3’ account. Historically, the XRP price has fallen when Ripple sells its tokens from the monthly reserves account.
Finbold has marked each day of Ripple’s selling activity in XRP’s daily price chart, suggesting correlation and a significant impact on the asset. XRP investors fear that the 100 million tokens Ripple just moved could fuel XRP’s poor performance.
(With inputs from Shikha Singh)
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