In a surprising turn of events, Ripple’s XRP sales have experienced a substantial surge this year, reaching 2.23 billion XRP sold within the first seven months alone. This increase translates to a 37% rise in monthly XRP sales compared to the previous year. As the XRP community grapples with the implications of this development, the rising demand from institutions and potential market impact have become subjects of both excitement and concern.
Mr. Huber, a prominent investigator, and influencer in the XRP community, brought attention to the spike in Ripple’s XRP sales through a recent tweet. The data revealed that Ripple’s monthly average sales for 2023 stand at 315 million XRP.
Considering the data from prior years provides further context, there was a significant increase from the 230 million XRP sold monthly in 2022. Averaging 166 million XRP monthly, Ripple sold 2 billion XRP in 2021, demonstrating a constant upward trend in XRP sales.
XRP Community’s Response To Ripple’s Sales Surge
The XRP community reacted to Ripple’s disclosure of its monthly XRP sales. It shows that institutional investors are becoming more interested in XRP, which is encouraging for the future of the asset. It makes people worry about how more distribution may affect the XRP market.
XRP immediately locks back any unsold balance to liberate 1 billion XRP from escrow each month. Demand for XRP among institutional investors impacts the monthly sales volume. Given the asset’s regulatory clarity in the US, the fact that neutral institutional investors are buying more XRP tokens indicates a positive trend.
While some XRP supporters see the increase in monthly XRP sales as a sign of increased institutional interest, others worry about the possible market effect. The distribution of XRP could have a more noticeable impact on the market as the rate of sales rises, prompting some community members to express caution.
The cryptocurrency community closely monitors the performance of the asset and the ramifications of Ripple’s XRP sales as they continue to change. The future course of Ripple’s XRP and its overall influence on the landscape of digital assets will be determined by this rise in sales, but only time will be able to tell.
Related Reading:| Ripple Wins Partial Victory In SEC Case, But Faces More Challenges Ahead