Ripple to unlock 1 billion XRP tomorrow, May 1; Sell pressure incoming
Summary: ⚈ Ripple will unlock 1 billion XRP on May 1, worth over $2.2 billion. ⚈ The added supply may briefly pressure XRP, already down 2.78% today. ⚈ Most unlocked XRP is usually relocked, limiting long-term price impact. While XRP has been on a mild uptrend since mid-April, reaching two temporary highs near $2.30, the last 24 hours saw a substantial downtrend as the token plunged 2.78% to its press time price of $2.23. XRP 30-day price chart. Source: Finbold The timing of the downward correction has been particularly unfortunate as Ripple Labs is scheduled to unlock 1 billion XRP, worth just over $2.2 billion, tomorrow, on May 1. Under most circumstances, the company’s scheduled unlocks, which are part of its long-term strategy and the long-standing escrow system, don’t have a meaningful impact on the token’s price action. However, the sudden jump in supply could exacerbate the existing downtrend. In the May cycle, two Ripple wallets will become active...