TL;DR
- Ripple’s Sales Activity: Ripple sold 350 million XRP in September, totaling approximately $200 million, impacting the token’s market dynamics.
- Market Reactions: The sales led to mixed market reactions, with XRP’s price dropping to $0.583 after a 200 million XRP sale on September 23, but slightly recovering to $0.589.
- Future Outlook: Despite the selling spree, analysts remain optimistic about XRP’s future, predicting it could reach $1 soon, though long-term performance depends on supply and demand balance.
Ripple has been on a significant selling spree this September, offloading a total of 350 million XRP from its treasury reserves. This move has seen the company sell approximately $200 million worth of XRP, impacting the token’s market dynamics.
Details of the Sales
In its most recent sale on September 23, Ripple’s ‘Ripple (1)’ address moved 200 million XRP, valued at nearly $120 million. Earlier in the month, on September 13, the same treasury account transferred 150 million XRP to the same destination address. This pattern of monthly sales by Ripple, the largest holder and core developer of XRP, has been consistent, increasing the circulating supply of the token.
Market Reactions and Price Fluctuations
Analysts monitor Ripple’s monthly on-chain activity through the XRP Scan Explorer, reporting its selling sprees and their economic impacts. Essentially, they consider a sale once XRP moves from one of Ripple’s treasury accounts to an unknown address without disclosure.
The immediate market reaction to these sales has been mixed. Following the 200 million XRP sale on September 23, XRP’s price dropped to $0.583 but slightly recovered to $0.589, marking a 1.7% decrease in the last 24 hours.
Interestingly, the earlier sale of 150 million XRP saw a price increase from $0.57 to $0.596, driven by significant buying activity from XRP whales who purchased over 380 million XRP between September 10 and 20.
Future Outlook
Despite the ongoing selling spree, analysts remain optimistic about XRP’s performance in the coming weeks. Some forecasts, supported by artificial intelligence predictions, suggest that XRP could reach $1 soon.
However, the token’s long-term performance will depend on the balance between supply and demand. Ripple still holds over 40 billion XRP, which will eventually enter the market through future sales. For XRP to perform positively, demand must consistently outpace this supply pressure.
