Ripple’s December Dynamics: XRP Sales Double the Six-Month Average
Ripple’s latest API data reveals a substantial increase in the public marketing of XRP for the current month. Renowned XRP community figure Mr Huber drew attention to this development, noting that Ripple’s sales for the last 25 days amounted to 167,758,585 XRP, averaging $0.62 and totaling an impressive $104,010,323.
This figure is twice the usual sales volume of the last six months, prompting speculation about Ripple’s motives.
XRP’s December sale highlights
The API records for December 24 state that Ripple’s XRP balance witnessed a significant reduction of 60,159,086 XRP tokens, translating to over $37 million in trades for the month. Earlier this month, the API data showed that Ripple released 59,443,728 XRP on December 17 and 48,155,771 XRP the previous week, with a market value of approximately $30 million each.
Ripple’s tradition of buy-backs
Ripple has a tradition of buying back a portion of the XRP it sells, typically occurring in the opening week of each month. For instance, in December, Ripple repurchased 131,092,729 XRP after selling 235,857,273 XRP in November. The company had marketed 104,764,544 XRP tokens in November, which is equivalent to approximately $63.9 million.
Speculations and Community Discussions
As Ripple’s three-week XRP sale for December surpasses the six-month average by two, Mr. Huber speculates that the company might be gearing up for a substantial buyback to counterbalance the surge in sales. Community discussions are ongoing, raising questions about the company’s funding delays and the impact on XRP’s broader market dynamics.
What to look ahead to?
With a new record expected on December 31 and a buy-back date set for January 7, 2024, Ripple’s XRP spendable wallet currently holds a balance of 5,162,951,201 (5.16 billion) XRP, while 40.7 billion tokens remain in escrow. Ripple’s recent market activity has captured the attention of observers, and the crypto community eagerly awaits further updates that will shed light on the company’s strategic moves in managing its XRP reserves.”