#Ripple sold $78 million worth of XRP: what to expect from the token price

Ripple sold 150 million XRP tokens worth $78 million at an average price of $0.52 per token.

This large transaction follows the reservation of 400 million XRP tokens worth $208 million for sale in June.

Ripple is selling 150 million tokens from the June reserves

The 150 million tokens sold by Ripple on Friday represent 0.25% of its total XRP supply. The company made the transaction just days after transferring 3 billion coins worth nearly $1.5 billion from its escrow wallet.

This unusual move has raised concerns about the possible impact on the asset's exchange rate, as history shows that Ripple's escrow actions are reflected in the price of XRP. The concerns are compounded by speculation that Ripple could be preparing for the largest monthly sell-off since 2017.

“A surge in supply will cause XRP to fall,” Coach K Crypto wrote in a post on X.

At the time of writing, XRP is trading at $0.49, having lost 4.87% in the last 24 hours.

XRP price outlook

XRP's upside prospect has been jeopardized as the price is barely holding above the uptrend line. A breakdown of this support level could trigger panic selling.

The Parabolic Stop and Reverse (SAR) indicator confirms this prospect. As long as it stays above price, the market will remain bearish.

In the extreme case, the decline may continue to the support at $0.4784. If this level doesn't hold either, Ripple could fall to $0.45, a level that was last tested on April 13.

A sustained candle close above $0.5432 would make XRP an attractive buy and refute the bearish thesis by forming a higher high.#TopCoinsJune2024 #BinanceSquareFamily