Ripple Sells $78 Million Worth of XRP from June Reserve Fund

Ripple, the largest developer and owner of XRP tokens, has sold 150 million XRP from its reserve fund in early June, on June 7, 2024.

Ripple Sells $78 Million Worth of XRP from June Reserve Fund

Ripple, the largest developer and owner of XRP tokens, has sold 150 million XRP from its reserve this month on June 7, 2024. The sale transaction amounted to $78 million, representing 0.25% of XRP's $29.25 billion market capitalization at $0.52 per token.

According to Finbold, Ripple sold 150 million XRP from its reserves this month on June 7, causing pressure on XRP prices. The transaction was worth about $78 million, equivalent to 0.25% of XRP's market value of $29.25 billion. Ripple released 1 billion XRP from its initial…

— Wu Blockchain (@WuBlockchain) June 7, 2024

On June 1, the company unlocked 1 billion XRP from the initial distribution, which had been locked in the first reserve signing until 2027. Ripple then sent 200 million XRP to the treasury account and locked the remaining 800 million in a new reserve wallet.

Additionally, wallet address "Ripple (35)" sent an additional 200 million tokens to the treasury, bringing the total XRP stored in the treasury to 400 million tokens.

As usual, the sales activity originated from the treasury account address "Ripple (1)," sending tokens to the anonymous account "rP4X2hTa." This action inflates the XRP supply by introducing previously uncirculated tokens into circulation.

Ripple address (1) wallet. Source: XRPScan

As of now, the amount still resides in the "rP4X2hTa" account. This amount may be distributed to the address "rhWt2bhR" and other intermediary addresses before being listed on CEX, a scenario that has occurred in previous sales.

Wallet address "rP4X2hTa". Source: XRPScan

From the beginning of the year until now, only 5 out of 12 sales events had a positive impact on prices, specifically on February 5, February 11, April 14, May 13, and May 20. The remaining 7 sales events had negative price impacts.

Furthermore, XRP has shown monthly performance inefficiencies in the first half of 2024, with 3 out of 5 months experiencing declines.

Chart showing XRP price with Ripple's XRP sales milestones in 2024. Source: TradingView / Finbold (Vini Barbosa)

XRP is currently trading around $0.50, down more than 4% over the past 24 hours.

1-hour chart of XRP/USDT pair on Binance as of 11:30 AM on June 8, 2024.