XRP Price in the Red as Ripple Unlocks 1 Billion Tokens From Its Escrow Wallet

📆 2022/08/01 18:05:00

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📆 2022/08/01 18:05:00
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The blockchain company has unlocked more XRP tokens

It should be mentioned that XRP’s recent weakness is linked to Bitcoin’s inability to gain footing above the $24,000 rather than the mundane unlocking of new tokens.tends to return the vast majority of tokens it releases back to its escrow. Because of the predictability of the unlocking procedure, which takes place on the first day of every month, it has no virtually no effect on the price of the XRP token.

In other news, Ripple co-founder Jed McCaleb finally sold his remaining XRP tokens last month, which means that he will no longer be able to exert additional selling pressure on the sixth-largest cryptocurrency. The total circulating supply of XRP currently stands at 48.3 billion tokens, according to data provided by CoinMarketCap.

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