- XRP’s price sees significant increases following Ripple Labs’ monthly release of 1 billion tokens.
- The token release by Ripple is part of a strategy to stabilize XRP’s price and availability.
- XRP has added a 5.34% gain in the past week, according to data from CoinMarketCap.
Cryptocurrency token XRP has recorded an increase in its value following Ripple Labs’ release of 1 billion tokens into circulation. The recent XRP release forms part of the company’s strategy to control the token’s price.
Data from CoinMarketCap shows that XRP has stayed mainly in the green zone since the start of the month. The token is currently changing hands at $0.5216 apiece. The current price is a 0.22% gain in the past 24 hours and a 5.27% increase on the weekly price chart.
According to data from Whale Alerts, the unlocked tokens were released from three different transactions. Specifically, over 400 million XRP tokens valued at $205.9 million were unlocked in the first transaction.
An additional 100 million XRP tokens worth $51.4 million were released in the second transaction. The final transaction unlocked 500 million XRP tokens worth $257.3 million. Together, the unlocked tokens are worth over $514.6 million. The unlocked tokens are owned by Ripple Labs.
The recent XRP release increased the number of XRP tokens in circulation by 1.87% from the previous 52.263 billion to 53.312 billion. At present, the tokens are worth over $27.8 billion, making XRP the 5th largest cryptocurrency network by market cap.
In what started in 2017, Ripple Labs every month released around 1 billion locked XRP tokens. According to the payments company, the release helps stabilize the price and availability of the token. Additionally, it also helps increase the number of XRP tokens in circulation.
Meanwhile, the XRP release coincides with a broader crypto market relief run. According to data from CoinMarketCap, the entire crypto market cap has increased by 2.89% in the past 24 hours to sit at $1.12 trillion.
Likewise, trade volumes have also increased, registering 18.77% in the past 24 hours. Major cryptocurrency tokens like Bitcoin and Ethereum have also posted significant increases in their prices.
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