Ripple is all set for its biggest monthly XRP dump since 2017, keeping its treasury accounts ready. For its June token sale, the business has set aside 400 million XRP tokens, or $208 million. According to the latest report by Finbold, Ripple could be preparing for a much larger dumb this month, than its usual 200 million tokens.
The company driving the development of the XRP Ledger, Ripple, is the largest XRP holder. Each month, it sells a portion of its reserves to increase the amount in circulation. On June 1, as per customary, it unlocked $1 billion in XRP, or $520 million. This occurred via the XRP Ledger escrow system from the “Ripple(24)” and “Ripple(25)” branded accounts.
XRP Prices Today
Despite moving 2.1% during the trading day, XRP continued to give negative price indications by staying below the 200-day and 50-day EMAs. The bulls may get a run at the 200-day EMA if XRP moves through the 50-day EMA. A move towards the $0.5739 resistance level might be indicated by a break above the 200-day EMA.
Investors are currently thinking about recent developments in relevant cases and the ongoing SEC activity. On the other hand, if XRP breaks below the trend lines, the bears may be able to take the $0.48 handle. The 14-day relative strength index (RSI) of 44.30 points to a drop in XRP to the $0.48 mark before an oversold condition.
There was no news about the SEC vs. Ripple lawsuit to affect buyer interest in XRP, keeping its volumes dull. A new court decision on Ripple’s Motion is currently anticipated by investors. Following the verdict, the courts will determine the fine that Ripple is required to pay for violating US securities laws. The SEC made arguments in March for an injunction that would forbid the selling of XRP to institutional investors and for a penalty of over $2 billion.
Over the summer, Ripple anticipates the decision however, the full timeline is still unclear. The SEC has the option to appeal the Programmatic Sales of XRP ruling following the court’s ruling. Judge Analisa Torres rejected an SEC motion for an interlocutory appeal back in October 2023. To move the Ripple case along more quickly, the court decision compelled the SEC to withdraw the accusations against CEO Brad Garlinghouse and co-founder Chris Larsen.
