The cryptocurrency community is buzzing with curiosity as Ripple’s recent surge in XRP sales sparks intriguing discussions. New API data reveals that Ripple has significantly increased its public marketing of XRP this month, raising questions about the company’s strategic intentions.
Is Ripple preparing for a major move? Are they building reserves for something big? Dive into the details and get ready for potential market ripples (pun intended) in 2024.
Renowned XRP community figure Mr. Huber has drawn attention to a substantial uptick in Ripple’s XRP sales. Specifically, the company has sold an impressive 167,758,585 XRP over the last 25 days, with an average price of $0.62. This totals an eye-catching $104,010,323—double the sales volume seen in the previous six months.
Examining the API records for December provides further insights. On December 24, Ripple’s XRP balance decreased by 60,159,086 XRP tokens, equivalent to over $37 million in trades for the month. Earlier in December, the data shows that Ripple sold 59,443,728 XRP on December 17 and 48,155,771 XRP the following week, both valued at around $30 million each.
It’s important to note that Ripple has a consistent practice of buying back a portion of the XRP it sells, usually in the first week of each month. For instance, in December, Ripple repurchased 131,092,729 XRP after selling 235,857,273 XRP in November. The company’s November sales amounted to 104,764,544 XRP, or approximately $63.9 million.
Given that Ripple’s December XRP sales have more than doubled the six-month average, Mr. Huber speculates that the company might be preparing for a significant buyback to balance the increased sales. This has led to ongoing community discussions, with many raising questions about Ripple’s funding delays and the potential impact on the broader XRP market.
Also Read: Ripple Price: XRP Price Poised For 8 to 10x Rally Soon
As we approach the end of December, Ripple’s XRP spendable wallet currently holds a balance of 5.16 billion XRP, while 40.7 billion tokens remain in escrow. With a buyback date set for January 7, 2024, the crypto community is eagerly awaiting further updates that will shed light on Ripple’s strategic decisions regarding its XRP reserves.
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