Most assets in the cryptocurrency market were recording an uptick. Ripple’s XRP was seen struggling. The seventh largest cryptocurrency traded at $0.6062 with a 0.33% dip over the past 24 hours.
The altcoin witnessed significant volatility throughout the last week. Several investors are concerned that the asset will also continue to underperform in the coming month. However, analysis from Changelly reveals an optimistic forecast for XRP.
Projections show XRP reaching $0.818 in August 2024, with an average price of $0.729.
The lowest that the Ripple token might dip to is $0.640, which is much higher than the altcoin’s current level. Therefore, August seems to be bullish for the asset.
Also Read: Ripple (XRP) to Surge? Expert Reveals 6 Bullish Factors
1 Billion XRP Tokens To be Unlocked in August
Several Factors Impacting The Coin’s Price in the Coming Month
Several factors affect the price of XRP in the coming month, and we can dive right in to understand the circumstances better.
Ripple’s Token Release
- Ripple is set to release a significant amount of XRP to the market.
August Token Unblocking
- Approximately $1.5 billion worth of tokens from various cryptocurrency projects will be unblocked.
- A significant portion of this will occur on August 1st:
- 1 billion XRP tokens
- Current value: $609 million
The Token’s Monthly Release Schedule
- Since 2017, Ripple has unlocked up to 1 billion tokens on the first of every month.
- Ripple divides the unlocked tokens equally among major escrow wallets:
- Examples: Ripple (24) and Ripple (25)
Also Read: Ripple And Binance Coin (BNB) Price Prediction For August 2024
Other Projects Involved:
Ripple isn’t the only network releasing assets. Other projects include:
- Aptos
- ImmutableX
- ZetaChain
- DYdx
- Various others
Many projects will release tokens in August, shaking up the crypto market.
Also Read: Here’s When Ripple Will Climb Above $1 Again
Investors are watching Ripple closely. Market mood, token releases, and XRP’s core value will shape its price shortly.