Ripple’s XRP Sales in 2023 Hit 2.2 Billion, As Monthly Sales Rise By 37%. Bullish or Bearish? Details

In a year marked by significant growth, Ripple’s sales of XRP have also seen a remarkable increase. This has resulted in an astonishing 37% surge in monthly sales compared to the previous year, sparking excitement and apprehension among investors.

Renowned sleuth and influential member of the XRP community, Mr. Huber, was among the first to draw attention to this development through a recent tweet.

Mr. Huber’s observations shed light on Ripple’s substantial sales figures, revealing that the company has successfully sold 2.22 billion XRP in the first seven months of this year alone. This translates to an average of approximately 315 million XRP sold per month since January.

Proof? Increase in XRP Circulating Supply

These claims are backed by a closer examination of XRP’s circulating supply. At the beginning of the year, the circulating supply of XRP was recorded at 50.334 billion. However, due to regular monthly escrow releases and subsequent sales, the circulating supply has swelled to 52.554 billion, indicating a 4.4% increase in 2023 alone. This additional supply represents an influx of 2.22 billion XRP.

Comparing these figures to the previous year reveals a striking contrast. In the entirety of 2022, Ripple managed to sell only 2.75 billion XRP over 12 months, averaging approximately 230 million XRP per month.

Interestingly, this year’s monthly XRP sales of 315 million exceed last year’s figures by approximately 37%. It should be noted that Mr. Huber initially mistakenly claimed this increase to be 50%, but later corrected his statement in a subsequent tweet.

Despite being surpassed by this year’s sales, last year’s monthly average still exceeded that of 2021. Ripple sold 2 billion XRP throughout 2021, averaging around 166 million XRP per month. Clearly, there has been a consistent upward trajectory in the company’s sales figures over the years.

Ripple’s Increasing XRP Sales: Market Impact and Institutional Demand

The recent disclosure of Ripple’s soaring XRP sales has sparked diverse reactions within the XRP community. The differing sentiments arise from the potential impact these increased sales might have on the market, juxtaposed with the growing demand for XRP among institutional investors.

Ripple typically unlocks 1 billion XRP from escrow each month, subsequently returning any remaining balance after selling the necessary amount. In June, Ripple locked back 900 million XRP into escrow wallets shortly after releasing 1 billion, indicating the sale of 100 million tokens.

The volume of XRP sold monthly is contingent upon institutional demand for the asset. As demand increases, more XRP is sold. It is worth noting that Mr. Huber clarified that these increased sales are not primarily going to what he called “XRP tards.”

This suggests that neutral institutional investors are increasingly acquiring XRP tokens, signaling a healthy growth trend for the asset, particularly in light of the regulatory clarity it has achieved in the United States.

Conversely, certain proponents of XRP have expressed concerns regarding the escalating monthly sales rate. These individuals emphasize that as the sales rate rises, the potential impact on the XRP market may become more pronounced, warranting careful consideration.

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Adedoyin Aka

Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.