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Ripple Sells 150 Million XRP Tokens, Sparking Price Debate

Ripple has sold 150 million XRP tokens at an average price of $0.52 per token, amounting to $78 million.

Before this large-scale sale, the company had set aside 400 million XRP tokens, valued at $208 million, ready for sale in June.

Ripple’s June Reserve of 150 Million Blocks Sold

Ripple has sold 150 million XRP tokens, valued at $78 million according to the current exchange rate, which represents 0.25% of the XRP market cap. Just days ago, the company transferred 3 billion XRP tokens, worth nearly $1.5 billion, from its escrow wallet in a series of transactions within 30 minutes.

This unconventional move has raised concerns about potential impacts on the price, as history has shown that Ripple’s escrow activities can affect XRP prices. Speculation is that Ripple might be preparing for the largest monthly XRP sale since 2017, heightening concerns.

However, the altcoin’s price has not been affected. According to BeInCrypto’s data, Ripple’s native asset is trading at $0.51, down 1.26% in the last 24 hours, consistent with the broader market trend.

XRP Price Outlook

XRP is bullish within a single-day time frame, maintaining higher lows. However, this outlook is threatened as the price barely holds above the uptrend line. A break below this support and effective conversion to resistance could trigger panic selling.

The bearish outlook may resume in the XRP market, as indicated by the Relative Strength Index (RSI) being below the signal line, suggesting that selling pressure is increasing and the price may continue to fall soon. Traders often use this signal to consider selling or shorting an asset.

The Parabolic Stop and Reverse (SAR) indicator reinforces this view by tracking the XRP price from above. As long as this price-tracking indicator overshadows the price, the market will remain bearish.

With the RSI still below the average level of 50, bears have the upper hand, and a Ripple price crash may be imminent. Losing support due to the uptrend line could send XRP off a cliff, potentially offering another buying opportunity at the psychological level of $0.5000.

In extreme cases, the decline could extend to the support level of $0.4784, meaning an 8% drop from the current level. If this level fails to hold, the XRP price could fall to $0.45000; the last time this level was tested was on April 13.

On the other hand, if the uptrend line holds as support, Ripple’s price could rise. If the candlestick closes above $0.5432, Ripple will have buying appeal and invalidate the bearish argument by forming higher highs. In a highly bullish scenario, the price could extend to the threshold of $0.6500.

Sentiment: Neutral

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