Sunday, October 1: Ripple Labs will issue 1 billion units of the token XRP. At current market prices, its value is $516.9 million. Unlocking the tokens will be done through three transactions: one of 100 million XRP, one of 400 million XRP, and one of 500 million XRP.
Ripple Labs will issue 1 billion XRP tokens tomorrow
There are currently 53.31 billion XRP tokens in circulation. On the first day of every month, 1 billion XRP tokens are issued according to a fixed pattern. Unlocking 1 billion cryptocurrencies is equivalent to 1.87% of the total current circulation.
XRP tokens will be unlocked by February 2027. Then the number of XRP tokens in circulation will reach the maximum: 99,988,397,127 XRP. The total issuance amount was originally planned to be 100 billion, but millions of XRP were Cryptoly destroyed.
The system was set up by Ripple Labs and not all tokens will be released immediately. This way, prices don’t drop significantly at the beginning and the currency remains volatile. Of the 100 billion tokens to be issued, 20 billion have been allocated to the Ripple Labs team.
Cryptocurrency prices soar after Ripple wins SEC lawsuit
News on CI today says that a 40% drop in XRP is unlikely. The coin has been trading between $0.47 and $0.54 for some time. These values are quite low compared to the peak the coin reached in July. Ripple Labs has achieved a (partial) victory in its lawsuit against the U.S. Securities and Exchange Commission (SEC).
The lawsuit had been ongoing since December 2020 and ended several years later. XRP climbed to a peak of $0.82 shortly after Judge Torres’ ruling. However, it did not come close to the all-time high of 2018; subsequently, the coin’s value reached an impressive $3.84.
As of this writing, market capitalization hovers around $27.6 billion. XRP trading volume today is $925.6 million. Currently, the XRP price is $0.518. Since the coin’s sharp rise yesterday, the coin’s value has fallen by 1.8%.
Information source: Compiled from CRYPTO-INSIDERS by 0x Information.Copyright belongs to the author Robin Hazekamp and may not be reproduced without permission.