$XRP The stolen tokens are still being sold off, with the price hitting its lowest level since August 20
What people on X are watching: About 233 million XRP stolen on October 29. The hacker began selling it off in batches on Thursday, with Elliptic saying much of it was converted to BTC via THORChain. On-chain data through Saturday shows about 76.7 million (roughly 89 million U) have been moved out, while around 157 million (roughly 183 million U) remain in the hacker’s wallet—about two-thirds have yet to be sold.
Binance perpetuals are currently around 1.163, down about 1.5% over the past 24 hours, with a daily high of 1.182 and low of 1.148, and trading volume of about 475 million U. Since Wednesday’s close, XRP is down about 11%, compared with a roughly 5.8% drop in $BTC over the same period.
Takeaway: In the short term, pricing power depends on whether the remaining selling pressure is absorbed. The first third sold has already driven the price to a new low; the remaining two-thirds are the supply overhang. For a rebound, we first need to see selling ease off—it won’t happen automatically just because the asset is oversold. How long do you think this stash will keep weighing on the price?
#黑客抛售XRP #THORChain converted to BTC
What people on X are watching: About 233 million XRP stolen on October 29. The hacker began selling it off in batches on Thursday, with Elliptic saying much of it was converted to BTC via THORChain. On-chain data through Saturday shows about 76.7 million (roughly 89 million U) have been moved out, while around 157 million (roughly 183 million U) remain in the hacker’s wallet—about two-thirds have yet to be sold.
Binance perpetuals are currently around 1.163, down about 1.5% over the past 24 hours, with a daily high of 1.182 and low of 1.148, and trading volume of about 475 million U. Since Wednesday’s close, XRP is down about 11%, compared with a roughly 5.8% drop in $BTC over the same period.
Takeaway: In the short term, pricing power depends on whether the remaining selling pressure is absorbed. The first third sold has already driven the price to a new low; the remaining two-thirds are the supply overhang. For a rebound, we first need to see selling ease off—it won’t happen automatically just because the asset is oversold. How long do you think this stash will keep weighing on the price?
#黑客抛售XRP #THORChain converted to BTC
