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Does XRP’s Monthly Token Release Hinder Its Potential To Pump?

Published Dec 06, 2023 13:50 Updated Dec 06, 2023 14:15
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Does XRP’s Monthly Token Release Hinder Its Potential To Pump?
 
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Coin Edition -

  • A cryptocurrency enthusiast questioned XRP’s ability to “pump” due to the amount of tokens introduced to holders each month.
  • Another enthusiast compared XRP’s inflation rate to SOL’s, which saw a price pump many times.
  • At press time, SOL was worth $63.29 after over 6% price increase while XRP’s 1.16% price increase saw its value rise to $0.6205.

Cryptocurrency enthusiast, Matt Day, shared in an X post earlier this morning that Ripple (XRP) never pumps. According to Day, Ripple dumps hundreds of millions of tokens on its holders at the beginning of every month. He also asked how Ripple will ever “run” if this is the case.

In response to this, Bill Morgan, cryptocurrency analyst and enthusiast on X, stated in his post that Ripple releases XRP tokens each month, resulting in an inflation rate of about 6%.

According to Morgan, this is comparable to Solana’s (SOL) inflation rate, and the price of SOL has been pumping.

When comparing the price performance of the two tokens, however, it is clear that SOL has outperformed XRP. According to CoinMarketCap data, SOL was trading at $63.29 at press time after its price was able to climb by over 6% over the past 24 hours. The altcoin’s 24-hour trading volume also increased by 9%, which left it standing at $2,283,696,304.

SOL / Tether US 1D (Source: TradingView)

In addition to its 24-hour price success, SOL’s price climbed by 6.67% over the past week. Additionally, the coin’s price was up by more than 43% on its monthly time frame as well.

XRP / Tether US 1D (Source: TradingView)

On the other hand, XRP’s price only managed to climb by about 1.19% since yesterday, which left it trading hands at $0.6205. The remittance token’s 24-hour trading volume declined to $1,568,720,458 as well after it suffered a 16% knock.

With regards to the altcoin’s longer-term performance, XRP’s price was up by about 1% in its weekly time frame. In addition to this, XRP suffered an 8.22% loss over the past month despite the bullish momentum that was seen in the cryptocurrency market during this time.

The post Does XRP’s Monthly Token Release Hinder Its Potential To Pump? appeared first on Coin Edition.

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Does XRP’s Monthly Token Release Hinder Its Potential To Pump?
 

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