Ripple’s Monthly Sell of XRP Increase By 3X, Sparking Doubts and Concerns in the Community
Qadir AK8 Jan 20242 min read
Mr. Huber’s recent tweet sheds light on Ripple’s net sales in December, which were almost 238 million, which is worth $142 million. Well, what makes this noteworthy is that it surpasses the company’s average monthly sales by more than three times. However, this has raised speculation and prompted discussions about Ripple’s potential future actions in the market.
Ripple Sell of XRP Increase By 3X
In a recent disclosure, Ripple provided a comprehensive report detailing the distribution of XRP since Dec 4, 2023. The report brings attention to Ripple’s notable performance in December, where the company’s net sales of XRP soared to an impressive nearly 238 million.
For the month, XRP sales reached $142 million, a figure three times greater than the average monthly sales for the cryptocurrency. Meanwhile, Mr. Huber suggests that this surge in sales could signal an upcoming significant buying spree by Ripple.
On the flip side, Mr. Huber expresses a level of concern, highlighting that historically, there have never been more than 8-10 weeks without a single net buyback by Ripple.
Currently, XRP is experiencing a 1.2% decrease, trading at $0.589. Over the last 24 hours, there has been a notable surge in trading volume, soaring by 104%, contributing to an overall market cap of $30.3 billion.
Ripple’s Strategic Moves
In a recent report, Ripple disclosed that it continues to sell XRP exclusively in connection with on-demand liquidity (ODL) transactions. The report also highlighted the sustained growth of ODL, marking it as the “strongest” product throughout the last quarter and an impressive year.
Since its launch in 2018, ODL has been instrumental in allowing Ripple customers to move money globally in an instant, sidestepping the delays and high fees associated with traditional remittance methods. The use of XRP in ODL transactions sets it apart in the crypto space.
Amidst this backdrop, this substantial increase in December sales has captured the attention of the crypto community, with enthusiasts and analysts closely monitoring Ripple’s next moves.
