Ripple sold 180 million of the 200 million XRP reserved for the treasury
After unlocking 1 billion tokens in January, Ripple has now sold half of the 200 million XRP reserved for its treasury. On January 16, the company spent another 80 million of the second half of its reserved tokens, which could create selling pressure on exchanges.
Notably, Ripple sent 80 million XRP worth $45.6 million to the same account through which Ripple sales were previously held.
The treasury account of the company "Ripple (1)" sent tokens to "rP4X2...sKxv3", which are still stored in the balance of the address. The first wallet contains 46.34 million XRP worth more than $26.4 million.
It is likely that the tokens passed through two intermediate addresses and then ended up on a centralized exchange where they would be sold.
Ripple's recent sell-off of 80 million XRP significantly exceeds its 24-hour exchange volume of 1.55 million, according to CoinMarketCap. This increases liquidity and simultaneously puts downward pressure on the price of the token.
