Ripple Sells 150 Million XRP from June Reserve Today, Worth About $78 Million
June 7 (Bloomberg) -- Ripple sold 150 million XRP from this month's reserves today, causing XRP prices to come under pressure. The transaction was worth about $78 million, or 0.25 percent of XRP's market capitalization of $29.25 billion ($0.52 per token).
On June 1, Ripple released 1 billion XRP from its initial allocation of tokens that were held in escrow until 2027 on a monthly basis. The company then transferred 200 million XRP to its treasury account and locked the remaining 800 million in a new escrow contract. At the same time, the "Ripple (35)" account transferred an additional 200 million XRP to the Sale Reserve Account, bringing the total to 400 million XRP placed in the Sale Reserve. These sales are usually sent from the "Ripple (1)" treasury account to the unlabeled account "rP4X2hTa", triggering supply pressure in the market. These new tokens entering circulation usually end up on cryptocurrency exchanges through intermediary addresses such as "rhWt2bhR", similar to operations in previous months.
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