November has brought some unexpected news from Ripple, the core developer of XRP Ledger. They have shocked the market by preparing what could potentially be the largest monthly dump in seven years. The company, holding a significant amount of XRP, has reserved 470 million XRP to sell, valued at $240 million at the current price of $0.512.
Typically, since 2017, Ripple has been unlocking 1 billion XRP every month and setting aside a portion, usually 200 million XRP, for selling. However, this month, they have reserved more than double the usual amount for their selling activities, which is quite unusual compared to previous years.
The escrows for this month were split between Ripple (24) and Ripple (25) accounts, unlocking 500 million XRP each as usual. Ripple (25) has re-locked all of it in escrows for 2028 within Ripple (12) and Ripple (13) accounts. On the other hand, Ripple (24) has re-locked only 30 million XRP within Ripple (12) and sent the remaining 470 million XRP to Ripple (1), the account used for monthly dumps.
It is worth noting that the largest dump by Ripple occurred in June, where they reserved 200 million XRP and added an extra 200 million from the idle account Ripple (35), totaling 400 million XRP sold. This massive sell-off took place on June 20, resulting in significant losses for XRP, which has accumulated 18.70% losses year-to-date.
In 2024, Ripple has sold 2.576 billion XRP so far, with the largest sales happening in June (400 million), September (350 million), and July (300 million). However, in these previous months, Ripple only reserved the usual 200 million XRP from the escrow unlock. The additional selling pressure came from idle accounts throughout the month, unlike the situation we are witnessing in November.
The question now is, what will happen next? With Ripple gearing up for what could be its largest XRP dump in seven years, the market is eagerly anticipating the outcome. Will this massive sell-off have a significant impact on XRP prices, or will it be absorbed by the market without causing much disturbance? Only time will tell how this situation unfolds and what it means for Ripple and XRP holders worldwide.
