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ChatGPT Suggests Top 5 Altcoins Under $0.01 for a $1,000 Investment

Lele Jima
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ChatGPT Suggests Top 5 Altcoins Under $0.01 for a $1,000 Investment

As the market anticipates an imminent bull rally, ChatGPT recommends the top five altcoins under $0.01 for a profitable $1,000 investment.

Despite the recent turbulence in the crypto market, investors remain confident about seeing a massive bull rally before the end of the 2024/2025 season. 

Several analysts believe this season will usher in the most significant bull cycle ever since the inception of the crypto market.

This optimism is fueled by multiple events this year, including the introduction of Bitcoin spot-based exchange-traded funds (ETFs) and the recently concluded Bitcoin halving. 

These events usually serve as catalysts for potential massive bull runs. In anticipation of this massive run, investors seek good and affordable crypto projects that could participate in the upcoming rally. 

Top 5 Altcoins Under $0.01 For a $1,000 Investment 

Consequently, we queried ChatGPT to highlight the top five altcoins under $0.01 suitable for an investment of $1,000.  

Shiba Inu (SHIB) 

The AI chatbot ranked Shiba Inu (SHIB) at the top of the list. ChatGPT recommended that the investor allocate a capital of $300 to the canine-themed token for a chance to record huge returns. 

At the current price of $0.00002512, a $300 investment in Shiba Inu today would give 11,942,675 (11.94 million) SHIB tokens.  

According to ChatGPT, the reason behind SHIB’s selection is that Shiba Inu has a strong community and boasts high liquidity. Another reason why ChatGPT selected Shiba Inu as a suitable investment opportunity is due to SHIB’s potential for growth based on its market trends and community activities. 

At press time, Shiba Inu is ranked as the 11th-largest cryptocurrency, with a market cap of $14.75 billion. SHIB boasts a 24-hour trading volume of $409.65 million.

Holo (HOT) 

Holo (HOT) is the second recommendation on ChatGPT’s list of crypto assets under $0.01 for a $1,000 investment. For context, Holo is an ERC-20 token redeemable for the upcoming HoloFuel token, which will be used to pay costs for services within the Holochain. Of the $1,000 capital, ChatGPT recommended that the investor should invest $250 into HOT. 

At the current price of $0.00228, a $250 investment in Holo today would give 109,649 HOT tokens.  

The reason behind HOT’s selection is that the asset offers a new approach to decentralized applications, with an emphasis on scalability and data integrity. Holo is ranked as the 170th-largest cryptocurrency, with a market cap of $394.62 million. 

BitTorrent (BTT) 

Launched in 2001, BitTorrent is a decentralized data-sharing platform. In 2018, Tron acquired BitTorrent, which has since bolstered its decentralization. ChatGPT highlighted BitTorrent’s native token, BTT, as the third altcoin under $0.01 suitable for an investor with a $1,000 capital.

The chatbot advised that the investor commit $200 out of the $1,000 capital. This $200 investment would fetch 163,666,121 (163.66 million) BTT tokens at the current price of $0.000001222 per token. 

BTT’s selection is due to its integration with the Tron blockchain and its utility in the decentralized file-sharing sector. It is currently ranked as the 73rd-biggest cryptocurrency, with a market cap of $1.18 billion. 

Siacoin (SC) 

ChatGPT highlighted Siacoin as the fourth altcoin under $0.01, which is suitable for an investor with a capital of only $1,000. For the uninitiated, Siacoin is the native token of the prominent blockchain-based cloud storage crypto project Sia. 

ChatGPT recommends that investors only channel $150 out of the $1,000 capital. With SC changing hands at $0.007335, one can acquire 20,449 Siacoins using $150. The token has a market cap of $413 million, which places it as the 159th-biggest crypto.

Electroneum (ETN) 

The last recommendation in the list is Electroneum (ETN). It boasts a market cap of $53.97 million, ranking it as the 589th-largest cryptocurrency. According to ChatGPT, investors with a $1,000 capital can allocate $100 to ETN. At the current rate of $0.003, one can purchase 333,333 ETN tokens with an investment of $100.  

ChatGPT added ETN to the list of altcoins under $0.01 for a $1,000 investment due to Electroneum’s focus on mobile-based payments and microtransactions. The chatbot also expects Electoreum to give investors huge returns due to its role in providing financial inclusion to the unbanked population. 

Chainlink Price Forecast: Are Crypto Whales Behind the 35% LINK Rally?

Mark Brennan
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Chainlink Price Forecast: Are Crypto Whales Behind the 35% LINK Rally?

Chainlink price soared to a 40-day peak of $16.7 on May 18, bringing its monthly gains to 34.7%, with on-chain data suggesting increased whale activity amid recent positive US macro indices.

Chainlink Price Surges as Large Investors Move to Front-run Imminent Rate Cuts

Chainlink is a world-leading blockchain oracle platform that integrates real-time price feeds of offline assets into the crypto products.

Over the past year, Chainlink has secured high-profile partnerships with heavyweight tradfi institutions like SWIFT, consolidating its position as an industry leader providing critical pricing oracle infrastructure to facilitate Asset Tokenization and the proliferation of Real World Assets (RWA) traded on the blockchain.

In May 2024, the US Fed rate announced a third consecutive rate pause, while the US Labour of Bureau of Statistics also reported a 3.36% consumer inflation rate, which is cooler compared to 3.48% last month and 4.93% last year.

US Inflation dropped to 3.4% in April 2024. | Bureau of Labor Statistics via TradingEconomics
US Inflation dropped to 3.4% in April 2024 | Bureau of Labor Statistics via TradingEconomics

These latest macro indices have increased optimism among market analysts that the US Fed could follow the European Central Bank (ECB) which has showed early signals of cutting rates as early as June 2024.

Analysts anticipate that a fed rate cut in 2024, could lead to a boom in the crypto markets, particularly in nascent sectors like Asset Tokenization and Real-World Assets (RWA) where Chainlink has established technological dominance over the past year.

23 Whales Wallets Buy LINK Tokens in 2 Weeks

Unsurprisingly, on-chain data trends show crypto whales and large institutional investors have been swooping in to buy copious amounts of LINK tokens on the back of the potentially dovish macro indices reported in the US this month.

The Santiment chart below represents changes in the number of Chainlink wallets holding balances of at least 100,000 LINK (~$1.5 million). It provides real-time insights into the rate at which large institutional investors are joining (or exiting) a particular crypto ecosystem.

Chainlink Price vs LINK Whale Wallets | Santiment
Chainlink Price vs LINK Whale Wallets | Santiment

The chart above shows that Chainlink had 554 active whale wallets as of May 3 when US Fed announced a rate pause. Since then, whale activity on the Chainlink network has been on a steady rise.

Following the latest dovish CPI data released on May 13, the number of Chainlink whale wallets has now skyrocketed to 567 at the time of writing on May 17.

This essentially implies that 23 more whale wallets have been active on the Chainlink network in the last two weeks, with each of them purchasing at least $1.5 million worth of LINK tokens.

When there’s a significant spike number of whale investors on a blockchain network as observed on Chainlink this week, strategic investors may view it as a major bullish signal for two main reasons.

First, the increase in whale activity often indicates growing confidence among large investors about the asset’s future prospects. Whales are typically well-informed and have access to sophisticated analysis tools, so their actions can serve as a strong indicator of positive future performance.

Second, the accumulation of large amounts of LINK tokens by new whale wallets can create a supply squeeze, leading to upward pressure on the price. As whales often hold out for longer-term investment targets, the reduced supply available in the open market can drive prices higher.

More so, the timing of this surge in Chainlink whale activity suggests that large investors are making strategic moves to front-run potential gains from an imminent US Fed rate cut.

Chainlink Price Forecast: Bulls Target $20 Retest after $2.3B Surge in LINK Market Cap

Chainlink price is hovering around the $16.40 mark at the time of writing on May 18, having added over $2.3 billion to its market capitalization since the US CPI data release. The rising whale activity, following dovish economic signals, suggests that LINK price may be poised for another upswing toward $20 in the days ahead.

Chainlink Price Forecast (LINK/USD)
Chainlink Price Forecast

Looking at the key technical indicators, LINK price has now broken above a critical resistance at $15.97 highlighted by the upper-limit Bollinger band. This alignment suggests bulls are now firmly in control of the short-term Chainlink market momentum.

If more whales join in on the buying frenzy, Chainlink price will likely breakout above $20 as predicted. But in the event of a correction phase, LINK bull traders must defend the $14.12 support price level to avoid losing the upward momentum.

Shiba Inu Eyes $0.000051 Price Target After Breakout From Downtrend

Abdulkarim Abdulwahab
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Shiba Inu Eyes $0.000051 Price Target After Breakout From Downtrend

Notable analysts suggest that Shiba Inu holders can look out for a 120% surge that could drive SHIB to $0.000051 after breaking out from its downtrend.

In the last few days, Shiba Inu has continued to print gains for holders, registering an 11% growth in its one-week trajectory. Moreover, at the price of $0.00002501, Shiba Inu has erased all losses of April, boasting a cumulative gain of 15% over the last 30 days.

Amid this commendable performance, multiple analysts have reasons to believe Shiba Inu has yet to begin its uptrend. Widely followed pseudonymous analyst “World Of Charts” expressed this view in a recent post on X. 

Shiba Inu to $0.000051 

In the post, the analyst presented a chart illustrating that Shiba Inu continues to trade within a descending channel, suggesting its breakout from the bearish trend has yet to be confirmed.

Meanwhile, he suggested that a successful reversal from the trend has massive potential for SHIB holders. He proposed a 120% surge that would increase SHIB’s market value by $0.00002912, putting the asset back at the $0.000051 price level.

Notably, the bearish period under scrutiny is Shiba Inu’s downturn since the March frenzy that took the asset above $0.000045. The SHIB patterns that followed depict a notable consolidation with lower highs. This trend has endured for over two months, and analysts believe it is due for a reversal.

In a separate analysis, market watcher Davie pointed out a similar configuration on the Shiba Inu chart, which suggests an impending bullish breakout. Like World Of Charts, Davie presented a graph proposing the $0.00005 threshold as Shiba Inu’s next target.

Essentially, these propositions suggest that SHIB holders can anticipate their holdings doubling in the coming days.

SHIB to Break $0.00015 Next Month?

In response to these forecasts, a Shiba Inu proponent suggested that the impending upsurge is much closer than many expect. Specifically, this individual argued that the Shiba Inu surge could unfold by June, the next three weeks.

He proposed that SHIB could see an even more dramatic six-fold increase, taking it above $0.00015 with his projected timeline. This audacious prediction draws from Shiba Inu’s March performance, where SHIB experienced an over 3X rise in under ten days. 

Here is XRP Price if It Captures Bitcoin Market Cap

Sam Wisdom Raphael
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Here is XRP Price if It Captures Bitcoin Market Cap

XRP price could skyrocket to a two-digit value of $23 if it reaches the market cap of Bitcoin (BTC), the largest cryptocurrency by market valuation.

The broader crypto market downturn has impacted XRP more severely than most other crypto assets. Notably, this impact is observed in a sustained price suppression that has hindered XRP from surging as much as other tokens during a market uptrend.

XRP Turbulence Impacts Its Market Cap

Specifically, XRP is only up 1.48% since the first phase of the ongoing bull market commenced in October 2023. Meanwhile, Bitcoin has recorded a 148% increase, with Ethereum (ETH) and Solana (SOL) respectively seeing gains of 87% and 733% within the same timeframe.

XRP’s underperformance has directly impacted its market cap, leading to its displacement on the top 10 ranking by Solana last December. Solana now boasts a valuation of $78 billion, making it the fifth largest asset by market cap. However, XRP’s market cap sits at $29 billion, ranking it seventh, immediately below USDC.

Despite XRP’s unfavorable performance, several market analysts expect it to impress as the bull market progresses. Most of these analysts cite historical context for their projections, as XRP exhibited a similar dull movement at the start of the 2017 bull run before eventually skyrocketing by more than 48,823%.

Nonetheless, some of the XRP price predictions from analysts have been summarily dismissed as wishful thinking by industry commentators. For instance, some assert that XRP could reach $10,000. Also, analyst EGRAG recently predicted XRP to clinch a $33 price, citing historical context.

XRP Price if It Reaches Bitcoin Market Cap

The argument against most of these predictions is XRP’s market cap if it ever reaches them. At a $10,000 price, XRP would have a market cap of $550 trillion, making it by far the largest asset in the world. There is not enough money to sustain this market valuation.

As a result, we assessed what XRP price can realistically spike to if it captures a market cap already proven feasible in the crypto industry. With Bitcoin being the largest crypto asset, its valuation represents the highest feasible one for any cryptocurrency, currently standing at $1.32 trillion.

At this point, Bitcoin is 45.56x above XRP in market capitalization. Data confirms that if XRP captures this $1.32 trillion market valuation, its price per unit would skyrocket to $23.91, marking a double-digit figure, and a 622% increase from the current all-time high of $3.31.

XRP Price at Bitcoin Market Cap
XRP Price at Bitcoin Market Cap | Marketcapof

Multiple analysts argue that this price is completely feasible for XRP. In March, EGRAG contented that XRP could surge to $27. Last year, market analyst Permabull predicted XRP to hit $23.8 by June. However, this projection failed to materialize. XRP currently trades for $0.5243, up 0.7% over the last 24 hours.

Shiba Inu Officially Issues New Warning About SHIB

Lele Jima
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0
Shiba Inu Officially Issues New Warning About SHIB

The official Shiba Inu ecosystem X handle has sent a critical warning to SHIB community members, highlighting a potential scam that could target the community. 

The Shiba Inu ecosystem team issued a friendly reminder to its community members, stating that there are currently no officially sanctioned SHIB airdrops. It characterized all unsolicited tweets regarding ongoing airdrops for SHIB as scams aimed at stealing the crypto assets of the unwary.

Furthermore, the team advised Shiba Inu community members to safeguard their wallets and avoid clicking suspicious links that could potentially drain their funds.

Rationale Behind the Warning 

Shiba Inu issued the warning in reaction to the growing scams targeting unsuspecting SHIB investors. Bad actors have been deploying different tactics to deceive and scam Shiba Inu community members.

The primary tactic these attackers use is promoting malicious airdrops, which require users to click a phishing link and connect their wallets to a fraudulent platform. 

Connecting your wallet to the platform automatically gives the scammers complete access to your crypto assets.

For context, crypto projects usually adopt airdrops to reward active community members. Through airdrops, tokens are sent to the wallets of selected community members as a reward for their active participation. 

However, scammers have adopted this strategy over the years to lure unwary users into connecting their wallets to malicious platforms. This has resulted in the loss of cryptos worth millions of dollars.

Shiba Inu Moves to Keep SHIB Holders Safe 

Interestingly, the Shiba Inu ecosystem team has been making significant moves toward keeping its community members safe by exposing some tactics adopted by scammers. 

The team has also made it a duty always to remind the community to verify links on Shib.io and other official channels before clicking them. This reminder has been adopted as the official conclusion to all X posts. 

Despite these warnings, scammers have continued to promote malicious offers focusing on all Shiba Inu ecosystem tokens, including SHIB, BONE, and LEASH, to steal users’ funds. 

Top Analyst Sets Multiple XRP Targets Upon Retest of Hestia Line, with Ultimate Goal at $33

Sam Wisdom Raphael
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Top Analyst Sets Multiple XRP Targets Upon Retest of Hestia Line, with Ultimate Goal at $33

Prominent market analyst EGRAG sets multiple price targets for XRP in anticipation of a retest of the “Line of Hestia,” with an ultimate goal of $33.

XRP has been the focus of intense market speculation. The latest analysis by EGRAG, a well-known market analyst, highlights an intriguing roadmap for XRP’s future price movements. The latest post built on a previous report in which he explained the idea behind the roadmap.

The Phobos, Hestia and Hermes Lines

His insights are built around three pivotal trend lines: Phobos, Hestia, and Hermes. Each of these lines signifies distinct market dynamics, which could dramatically influence XRP’s trajectory. It spotlights the Phobos Line, the Hestia Line, and the Hermes Line, each embodying unique market sentiments. 

In a September 2023 post, EGRAG spotlighted the Phobos Line as a psychological marker. When XRP’s price dips below this line, it triggers fear and uncertainty among investors. This fear can lead to panic selling, creating a bearish market sentiment. 

Conversely, the Hestia Line represents stability. Named after the goddess of hearth and home, this line offers a sense of tranquility to the market. Historically, when XRP finds support at the Hestia Line, it leads to significant price increases. EGRAG’s data shows that touching this line has previously resulted in price pumps ranging from 80% to as high as 6600%. 

The Hermes Line, named after the god of trade and travel, symbolizes upward momentum. When XRP aligns with the Hermes Line, it often experiences rapid price ascents. This line serves as a catalyst for bullish runs, propelling XRP to new heights.

XRP Targets $33 Upon Retest of Hestia Line

In his latest update, EGRAG outlines several price targets for XRP based on historical data and XRP’s behavior. His projections include a range of potential price points, with the ultimate target set at $33.50. This ambitious goal is grounded on an analysis of XRP’s price movements when it touches the Hestia Line.

EGRAG points out that historical data shows significant price increases when XRP touches the Hestia Line. These increases have varied, with the most notable being a 6600% surge. Based on an initial price of $0.50, a similar 6600% increase would catapult XRP to $33.50, representing a new all-time high. 

Other projections include a 1444% rise to $7.72 and smaller yet significant increases to $1.00, $0.90, and $1.36, corresponding to 100%, 80%, and 171% increases respectively. However, on average, these historical pumps equate to a 2969% increase. If XRP rallies by this average rate, its price would surge to $15.35.

Meanwhile, XRP currently changes hands at $0.5243, having sealed its position above the $0.51 psychological threshold. Despite retaining a 4% gain over the past week, XRP trades below the 50-day EMA at $0.5394 and the 200-day EMA at $0.5830.

Top Bitcoin Analysts Say Shiba Inu is Going to $0.05 This Cycle

Abdulkarim Abdulwahab
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0
Top Bitcoin Analysts Say Shiba Inu is Going to $0.05 This Cycle

Jason Williams and Yazan, two widely followed Bitcoin analysts, have proposed a target of $0.05 for Shiba Inu in this bull market.

Williams and Yazan, in their individual social media posts, have unequivocally stated that their target for Shiba Inu in this cycle is $0.05. This bold prediction is part of their comprehensive outlook for the leading cryptocurrencies in the market, including Bitcoin, Ethereum, and XRP.

In his post, Yazan argued Shiba Inu would hit five cents in a scenario where Bitcoin attains $777K this season. On the other hand, Williams proposed the $0.05 outlook SHIB should Bitcoin reach $250K.

At press time, Shiba Inu trades at $0.0000249 with four leading zeros. Essentially, the Bitcoin analysts expect SHIB to have eliminated three more zeros by 2025. For Shiba Inu to pull this stunt, the dog-themed token must rally by 200,703% within the next year.

Can Shiba Inu Reach $0.05 Next Year?

Notably, Shiba Inu soared by 884,400% after the Bitcoin 2020 halving brought a bull market that ended in 2021. While the optimism for SHIB to repeat history remains high, analysts’ popular outlook in such a scenario is for the asset to eliminate one zero and trade around $0.0001 or slightly above.

For instance, analyst Dona, known for accurate Dogecoin predictions, believes Shiba Inu’s price will not exceed $0.000114 this bull season. Similarly, Analysts Eunice Wong and Bunchhieng on TradingView have targeted $0.0001 for Shiba Inu in the near future, drawing from the asset’s history.

Moreover, analysts at prediction platform Telegaon proposed a 2040 date for Shiba Inu to reach $0.05, sixteen years away.

Converesely, experts at Changelly do not believe Shiba Inu could attain $0.05 in any foreseeable future. In particular, they proposed no date for such a price target, suggesting $0.033 as Shiba Inu’s potential highest value by 2050.

Essentially, the suggestion of Shiba Inu attaining $0.05 this season is an isolated projection, which does not entirely eliminate its possibility.

Meanwhile, at a price of $0.05, SHIB’s market capitalization would soar to $29 trillion, far surpassing Bitcoin’s current market cap of $1.3 trillion. Even if Bitcoin’s value were to climb to $500,000 by next year, its market cap would still fall short of $29 trillion.

Here’s the Next Upcoming Important Date in Ripple v SEC Lawsuit

Lele Jima
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Here’s the Next Upcoming Important Date in Ripple v SEC Lawsuit

The next important date in the SEC v. Ripple lawsuit is May 20, when the parties are expected to file their opposition to the omnibus sealing motions. 

The legal tussle between the SEC and Ripple is edging close to its end, with the parties and other third parties expected to file their letter briefs in opposition to the omnibus sealing motions soon.

According to the court’s remedies scheduling order, the parties will file their respective opposition briefs by May 20, which is now set as the next important date of the lawsuit. 

Ripple Request to Seal Its Confidential Business Information 

As reported earlier, Ripple asked the court to seal specific exhibits to protect its confidential business information and the legitimate interests of its partners and other third parties. 

Additionally, the company sought limited redactions to certain information within the remedies-related briefs, specifically those related to its audited financial records and other documents. 

In particular, the crypto payments company wants the court to seal the exhibits related to the discounts offered to institutional buyers of XRP. During the meeting held before Ripple filed the motion on May 13, the SEC’s counsels disagreed with the request, emphasizing that the document is relevant to its remedies-related brief. 

Conversely, Ripple stated that only the contract and discounts are relevant to the SEC’s brief. As a result, it pointed out that the terms of financial and pricing are completely irrelevant to the regulatory agency’s arguments. 

Potential SEC Opposition

With May 20 set as the date for filing opposition to the omnibus letter-motion to seal, the SEC is expected to highlight why it wants the discounts offered to XRP institutional buyers to be filed in the public docket.

The regulatory agency could also counter Ripple’s arguments regarding the sealing of certain portions of its financial records in the upcoming brief. In addition, third parties could also file their respective oppositions to the omnibus letter-motion to seal. 

After the filing, the court would rule on the omnibus sealing motion, thus determining which information and exhibits should be sealed.

Notably, the court’s ruling on the omnibus sealing motion could come at any time, specifically after the opposition briefs are filed. 

Afterward, the parties are expected to file redacted versions of these documents in the public docket within 14 days of the court’s ruling on the omnibus sealing motion.

XRP Ledger Transactions Soar by 108% in Q1 2024 as Fees Plunge by 45%

Abdulkarim Abdulwahab
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0
XRP Ledger Transactions Soar by 108% in Q1 2024 as Fees Plunge by 45%

During the first quarter of the year, the number of transactions conducted on the XRP Ledger (XRPL) surged by 108%, while fees dipped by 45%.

Ripple disclosed this data in its latest quarterly crypto market report. Notably, XRPL recorded 121,031,713 transactions in Q4 2023 but the number more than doubled to 251,397,881 by the end of Q1 2024.

While transactions surged, the average transaction fee reduced significantly by 45% compared to the previous quarter. In particular, XRPL’s average transaction fee reached a high of $0.001546 in the last quarter of 2023. The report observed that the fees peaked mainly in December, driven by extensive testing of inscriptions on the ledger. 

Meanwhile, at the end of March, an average of $0.000856 was observed as XRPL’s transaction fees. Ripple noted that the subsequent reduction in transaction costs suggests a normalization of activity, with no network congestion reported throughout the first quarter of 2024.

Moreover, XRP transaction volume on the native decentralized exchange recorded a 5% quarter-over-quarter growth. Specifically, the DEX saw an XRP trading volume of $57,618,270 in the first quarter of 2024, compared to $54.9 million in the previous quarter. 

Furthermore, XRP tokens burned for transaction fees doubled in the first quarter compared to figures for Q4 2023. XRPL witnessed the incineration of 636,184 XRP in Q1, marking a 101% increase from the 317,271 XRP burned in Q4 2023.

Fewer New Wallets

However, the XRP ecosystem welcomed fewer new market participants in Q1. Specifically, the number of new wallets reduced by 11%, with only 185,809 XRP wallets created in Q1. On the other hand, Q4 2023 saw 208,522 new wallets.

Vet, an XRPL dUNL validator, commented on these statistics. He found the contrast between the slower increase in new wallets and the rise in transactions particularly intriguing. He observed that this trend suggests existing users are engaging with the network more actively.

Meanwhile, the market value of XRP crashed by 5% quarter-over-quarter. The asset registered an average price of $0.59 in Q4 2023, but this figure dipped to $0.56 by the end of Q1.

Ripple’s Current XRP Holdings

On the other hand, Ripple’s latest quarterly report also provided an update on the company’s XRP reserves. As of December 31, 2023, Ripple’s liquid XRP balance stood at 5,077,658,695, with an additional 40.7 billion XRP in escrow.

By the end of the first quarter of 2024, Ripple’s spendable XRP had decreased to roughly 4.84 billion. Similarly, the escrowed amount diminished to 40.1 billion.

Ripple Sold 841M+ XRP in Q1 2024, Now Holds 44.9B With 40B in Escrow

Sam Wisdom Raphael
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Ripple Sold 841M+ XRP in Q1 2024, Now Holds 44.9B With 40B in Escrow

Ripple now holds 44.9 billion XRP, with 40 billion currently in escrow, having sold over 841 million tokens in Q1 2024.

The U.S.-based financial technology company disclosed this in its latest XRP market quarterly report. The report spotlighted multiple developments around XRP and the XRP Ledger in Q1 2024, including an increase in transactions, a decrease in transaction cost and the launch of XLS-30 for AMM functionality.

Ripple Sold 841M+ XRP in Q1 2024

Ripple confirmed that it held 45.78 billion XRP as of Dec. 31, 2023. However, this figure dropped below the 45 billion mark at the end of Q1 2024, depleting to 44.94 billion XRP as of March 31, 2024. This balance represents 44.94% of XRP’s max supply, marking the first time Ripple holds below 45% of XRP’s supply.

The updated figure indicates that Ripple sold off 841.5 million XRP in the first quarter of the year, worth a whopping $440.6 million at the current unit price of $0.5236. Nonetheless, this figure represents a 16% drop in Ripple’s XRP sales from 1.006 billion XRP recorded in the previous quarter.

Of the current balance of 44.94 billion, 40.1 billion tokens reside across 12 escrow wallets. This represents locked assets subject to escrow releases every month. However, latest data sourced by XRPL explorer XRPScan confirms that this figure has dropped to 39.7 billion XRP at reporting time, with Ripple having sold 400 million XRP across April and May.

Meanwhile, Ripple’s report indicates that the firm holds 4.84 billion XRP as spendable balance out of the 44.94 billion total holdings as of March 31. This suggests that the payment technology company’s spendable balance dropped by 237 million XRP in the last quarter.

Ripple’s Continuous XRP Sales

Recently, Ripple’s XRP sales have triggered concerns among a few market participants, who believe these sales contribute to XRP’s persistent underperformance. 

However, Ripple CTO David Schwartz has debunked these claims. Others have echoed Schwartz’s sentiments, stressing that XRP’s inflation rate is lower than other assets like Solana, but these have performed remarkably well.

Responding to community inquiries, Schwartz emphasized that Ripple has no other option but to continuously decrease its XRP holdings. The Ripple CTO confirmed that the firm needs to drastically decrease the amount of XRP it holds. He noted that options such as burning the tokens would not have any positive impact on price, citing the Stellar case.

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