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Home»ADOPTION NEWS»Ripple could soon dump over 96 million XRP.
ADOPTION NEWS

Ripple could soon dump over 96 million XRP.

By Crypto FlexsDecember 28, 20232 Mins Read
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Ripple could soon dump over 96 million XRP.
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In December 2023, Ripple (XRP) executed a significant transaction involving the XRP token. The company spent 240 million XRP, worth approximately $148.8 million, to strategically manage escrow reserves. This move left 96.34 million XRP labeled “Ripple (1)” in Ripple’s main spending wallet, which aims to stabilize the XRP market, with an estimated value of $59.73 million.

Ripple’s systematic management of its XRP reserves is part of a broader strategy to stabilize the cryptocurrency market. The company operates under a well-defined escrow system launched in December 2017 and is designed to issue 1 billion XRP per month. To maintain market stability, Ripple typically locks 80% of these tokens back into escrow and transfers most of the remaining 20% ​​to its primary wallet. This approach aims to balance XRP token circulation while mitigating the risk of market oversupply.​​​

Certain transactions performed by Ripple in December 2023 were executed in three separate batches. On December 1, Ripple received 200 million XRP from a wallet labeled “Ripple (22)”. Accordingly, the company distributed 60 million XRP on December 6, 60 million XRP on December 12, and 120 million XRP on December 20. These transactions resulted in 240 million XRP being spent, reducing Ripple’s default wallet balance to 96.34 million XRP. ​​​​​​.

The aftermath of these transactions and Ripple’s remaining reserves will have significant implications for the XRP market. Ripple has the option to sell or keep the remaining 96.34 million XRP, but their actions are expected to be strategic to avoid negatively impacting the price of XRP. Additionally, with 40.7 billion XRP still locked in escrow, Ripple’s continued management of these reserves will continue to impact XRP market dynamics until at least 2027.

At the same time, XRP’s market performance recorded a significant reversal in December 2023. After five consecutive years of declines, XRP rose 5.18%, demonstrating market resilience and potential change.fall. These developments reflect XRP’s adaptability in volatile cryptocurrency markets and indicate that XRP’s market presence could be revitalized in the coming months.​​

Image source: Shutterstock

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