Coin Edition -
- Ripple’s CTO has debunked the claim that the blockchain company is heavily dumping XRP.
- Good Morning Crypto claimed Ripple’s net XRP sales in December 2023 reached 237 million units, which is 3x Ripple’s average monthly XRP sales.
- Schwartz noted that the next XRP Market Report will show numbers similar to those of previous quarters.
Ripple’s CTO, David Schwartz, has debunked the claim that the blockchain company is heavily dumping XRP. According to Schwartz, information posted on X by an acclaimed crypto researcher with the identity Good Morning Crypto is inaccurate.
Schwartz debunked the researcher’s data source, noting that the next XRP Market Report is due in a few weeks and would include Ripple’s aggregate holdings of XRP over the last quarter. He said the report would reveal the changes in Ripple’s XRP holdings from the beginning to the end of the quarter due to transfers, grants, sales, etc.
The Ripple CTO promised no surprises in the upcoming market report, as the numbers would be similar to those of previous quarters. He reaffirmed his company’s commitment to being transparent about its XRP holdings, even when used against them.
On January 8, Good Morning Crypto posted that Ripple’s net sales of XRP in December 2023 reached 237 million units, equivalent to $142 million. According to the researcher, the December sale was three times Ripple’s average monthly XRP sales.
The researcher also noted the anticipation of a significant XRP buyback by Ripple, considering the blockchain company’s historical pattern. Furthermore, he warned that an extended period without buyback would be concerning, questioning if Ripple’s selling of XRP negatively affects XRP prices.
In a poll conducted by the researcher on X, 67.7% of 1,964 participants agreed that Ripple’s XRP sales contribute to the price suppression of the crypto token, while 32.3% think the sales have no tangible impact on the price. XRP traded for $0.59197 at the time of writing, according to data from TradingView.
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