Ripple’s Chief Technology Officer, David Schwartz, has recently addressed rumors regarding the company’s XRP sales. It was alleged that these sales were the reason behind the stagnant price movement of XRP. However, Schwartz has clarified that the figures showing Ripple’s monthly XRP sales tripling in December are inaccurate. He has assured that the upcoming XRP Markets Report will provide a clearer picture of Ripple’s aggregate holdings of XRP over the quarter.
According to Schwartz, there has been no significant change in Ripple’s holdings quarter-on-quarter. The sales in the last quarter followed a similar pattern to the previous one. The changes in Ripple’s XRP holdings have occurred due to transfers, grants, and sales, and nothing out of the ordinary. This statement was in response to a post by crypto analyst ABS, who suggested that Ripple was “heavily dumping” XRP tokens on the market. ABS claimed that Ripple’s net sales of XRP rose to 237 million units in December 2023, three times the crypto firm’s average monthly sales.
The impact of Ripple’s XRP sales on its price is still a topic of debate. Pro-XRP crypto YouTuber Jerry Hall had once asserted that Ripple is suppressing XRP’s price with its monthly sales. However, another user clarified that Ripple’s XRP sales didn’t have any direct impact on the token’s price on crypto exchanges.
In other news, Ripple’s CEO, Brad Garlinghouse, has commented on the approval of Spot Bitcoin ETFs. He congratulated those who achieved this and noted that the significance of this moment “cannot be overstated.” Garlinghouse believes that this development will further legitimize crypto as an asset class and will be a catalyst for the institutional adoption of cryptocurrencies. This, he says, will lead the industry to focus on broader real-world use cases and underpin crypto’s legitimization in the process.
Garlinghouse and Ripple are known for providing a real-world use case for the XRP token, which they use to facilitate transactions on their payment service. XRP is being touted as one of the digital assets that could be next in line to have its ETF following the approval of the Spot Bitcoin ETFs. However, Bloomberg analyst James Seyffart recently suggested that an XRP ETF is unlikely to launch this year.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Brad Garlinghouse, Jerry Hall, David Schwartz, ABS, James Seyffart |
| Companies | Bloomberg, Ripple, Tradingview.com, X (formerly Twitter) |
| Currencies | XRP, Bitcoin |
| Securities | None |
