Ripple moves 60m tokens from October unlock; Will it impact XRP?
Ripple moved 60 million XRP ($30 million) on October 9, from the 200 million kept from this month’s 1 billion XRP token unlock. These tokens were then distributed and passed through five different accounts before being deposited in small batches to four exchanges indicating they were sold. Notably, during this possible sell-off from part of the freshly released XRP tokens , the price of the XRP/USD pair on Bitstamp — one of the exchanges that received 33.15 million out of the 60 million spent — suffered a massive dump from $0.50 to $0.458 (-8.5%), around the same time when everything happened. XRP/USD 4-hour price chart on Bitstamp. Source: TradingView Following the track of the 60 million XRP After the 1 billion XRP escrow on October 1, Ripple re-locked 800 million in new escrows, keeping 200 million tokens in the “Ripple (1)” account, ready to be circulating through XRP’s supply inflation mechanism. Finbold retrieved this data from XRP Scan on October 10. In this context, 60 ...