Ripple has been on an XRP selling spree this month, selling over $104 million worth of the cryptocurrency in just 21 days. This number represents a significant increase from its average monthly sales over the past six months, which stood at around $52 million.
This information was brought to light by Mr. Huber (@Leerzit), a crypto sleuth on X. He wrote, “This is twice the usual sales volume of the last 6 months.”
Read Also: Ripple Massively Dumping Unlocked XRP Reserves As 2023 Ends
According to data from Ripple’s API, the company has sold a total of 167.7 million XRP between December 10th and December 24th.
API was just updated with the newest data: Ripples Sales are now 167'758'585 XRP for an average of $0.62, which results in a total of $104'010'323 for the last 25 days. This is twice the usual sales volume of the last 6 months. I suspect that Ripple wants to push this cut down… https://t.co/ZQtgXkG2Z7 pic.twitter.com/AUw4szohwM
— Mr. Huber🔥🦅🔥 (@Leerzeit) December 29, 2023
This value equates to an average of 7.9 million XRP sold per day. In contrast, Ripple’s average daily sales for the previous six months were around 3.4 million XRP.
The motives behind Ripple’s accelerated XRP sales are unclear. However, Mr. Huber believes the company may be preparing for a substantial buyback soon, pointing out that the year was about to end. This speculation is based on Ripple’s historical practice of repurchasing a portion of the XRP it sells, typically during the first week of each month.
Notably, Ripple’s XRP sales for December have already surpassed its total sales for November, when it sold 104.7 million XRP. These numbers suggest that the company’s selling activity has intensified in recent weeks.
Looking at the broader picture, Ripple has traded a total of 571.8 million XRP since July. This figure includes both sales and buybacks. The average price of XRP during this period has been $0.55. Ripple’s next XRP transaction is expected on December 31, with a potential buyback date of January 7, 2024.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Former Ripple Director Says Ripple Can Burn All XRP in Escrow
As of December 24, Ripple’s spendable XRP wallet balance stands at 5.16 billion XRP, with an additional 40.7 billion XRP held in escrow. It remains to be seen whether Ripple will continue its accelerated XRP sales in the coming weeks or revert to its previous sales patterns.
Although the company’s recent activity has undoubtedly raised eyebrows within the XRP community, Ripple’s priority has always been to raise the price of XRP. XRP has not reacted significantly to this revelation.
The digital asset is trading at $0.6253, with a mild 0.62% increase over the last 24 hours. With the Bitcoin halving event coming and the highly anticipated 2024 bull run, Ripple’s efforts might start paying off soon.
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