The post Ripple Sells 150 Million XRP Tokens, Sparks Price Debates appeared on BitcoinEthereumNews.com.

Ripple sold 150 million XRP tokens worth $78 million at an average price of $0.52 per token. The voluminous sale follows the company’s reservation of 400 million XRP tokens worth $208 million for a June sell-off. Ripple Sells 150 Million Chunk From June Reserves Ripple has sold 150 million XRP tokens worth $78 million at current rates, constituting 0.25% of the XRP market capitalization. It comes only days after the company transferred 3 billion XRP tokens, worth nearly $1.5 billion, in a series of transactions within 30 minutes from its escrow wallet. This unorthodox move has sparked concerns about a potential price impact, as history has shown that Ripple’s escrow activities can influence the XRP price. The concerns are worsened by speculation that Ripple may be preparing for its largest monthly XRP dump since 2017. “Supply shock causes XRP to dip,” says Coach K Crypto in a post on X. Read More: How To Buy XRP and Everything You Need To Know Recent Ripple Transactions. Source: XRPscan However, the altcoin’s price remains unaffected. According to BeInCrypto data, Ripple’s native asset is trading at $0.51, losing 1,26% in the last 24 hours in line with the broader market trend.  XRP Price Outlook XRP is trading with a bullish bias on the one-day timeframe as it maintains higher lows. However, this outlook is under threat as the price barely holds above the ascending trendline. A breakdown of this support level and effectively flipping into resistance could provoke panic selling. Based on the outlook of the Relative Strength Index (RSI) below the signal line, bears could recover the XRP market. It suggests that the selling pressure is strengthening and that the price may continue declining soon. Traders often use this signal to consider selling or taking a short position on the asset. The Parabolic Stop…

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Filed under: News - @ June 8, 2024 12:22 pm