finbold.com
November has arrived, and Ripple has shocked the market, preparing what could be its largest monthly dump in seven years. The company, $XRP Ledger ($XRP)’s core developer and largest holder, reserved 470 million $XRP to sell, worth $240 million.
Every month since 2017, Ripple unlocks 1 billion $XRP and reserves part of it – usually 200 million $XRP – to sell. In November, Ripple unlocked the 1 billion but for the first time in years, reserved above two times the usual amount.
This month’s escrows finished within Ripple (24) and Ripple (25) accounts, unlocking 500 million $XRP each, as usual. Ripple (25) re-locked it all in escrows for 2028 within Ripple (12) and Ripple (13) accounts, as usual.
However, Ripple (24) re-locked only 30 million $XRP within Ripple (12), unprecedentedly sending 470 million $XRP to Ripple (1). This is the account used for the monthly dumps throughout the years. The company’s move raised concerns as such a large sell-off could drastically impact the token’s price, punishing $XRP investors.
Ripple’s unlocks and largest $XRP dumps history
Notably, Ripple’s previous largest dump occurred in June after reserving 200 million $XRP and adding an extra 200 million from the idle account Ripple (35), as Finbold reported. The massive and unprecedented sell-off concluded on June 20, which we also covered, totaling 400 million $XRP sold.
On this occasion, the $XRP price dropped nearly 20% from June 1 to July 7, highlighting the nefarious financial effects. There are no records of such a high dump since 2017 when Ripple implemented the escrow system for more transparency.
Currently trading at $0.511, $XRP has accumulated 18.70% losses year-to-date. Interestingly, Ripple sold 2.576 billion $XRP in 2024 so far. The largest sales to date occurred in June (400 million), September (350 million), and July (300 million).
What’s next for $XRP as Ripple could sell over 470 million tokens
Yet, in all these previous months, Ripple had only reserved the usual 200 million $XRP from the escrow unlock. The additional selling pressure came from idle accounts throughout the month – differently from what we are observing now, in November.
Therefore, it is possible that Ripple could add even more selling pressure to the already record-high 470 million $XRP. On that note, this month’s activity happens a few days before the U.S. Presidential Election. Chris Larsen, Ripple co-founder and CEO, disclosed a $10 million donation to Kamala Harris’s campaign, which came after the sales.
“It’s time for the Democrats to have a new approach to tech innovation, including crypto. I believe Kamala Harris will ensure that American technology dominates the world, which is why I’m donating $10M in $XRP in support of her.”
– Chris Larsen
Moreover, the cryptocurrency community expects this election’s results to have a profound impact on the market. $XRP investors and traders should carefully watch Ripple’s next moves depending on the outcome in the next few days.