Ripple’s Surge in XRP Sales Didn’t Prevent the Price of the Token From Surging. The Ripple quarterly report was yesterday, August 3rd, 2020.
It showed that Ripple sold 18.6 times, approximately 19 times more XRP in the second quarter of the year. In the first quarter of 2020, Ripple only sold XRP worth $1.75 million. In the second quarter, on the other hand, they sold $32.55 million tokens. Meanwhile, they are still being accused of manipulating their balance sheets. So, there is a possibility that the XRP sold is more than the XRP recorded on the report.
According to the report, the surge in the sale of XRP was due to the over the counter sales rather than programmatic ones. This might explain why the sale of XRP tokens by Ripple didn’t affect the price. They didn’t dump the tokens directly into the open market. Year to year, Ripple’s ODL transactions increased by 11 times. Ripple claims that it cannot stop selling XRP tokens because the proceeds from the XRP sales are used to grow the XRP ecosystem.
They say that their XRP sales aren’t something they can stop and it doesn’t affect the price of the token.
Meanwhile, the XRP token has been surging significantly for the last few days. In just one week, the price of XRP has increased by more than 40%. It has moved above several resistances and successfully crossed the $0.30 level. At the time of writing, the price of the token was up by $0.311853. It is up by 3.98% against the USD and up by 2.74 against Bitcoin BTC. The trading volume over a 24 hour period is $3,258,039,220 and the market capitalization is $13,990,555,662. This is the best price-performance over the last 12 months.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Ripple Releases Second Quarter Report for 2020, Report Reflects a significant Increase in XRP Sales
- Despite Surge in XRP Sales, Token Makes Significant Progress Against to USD Rising Above the $0.30 Level
Ripple has just released its report for the second quarter of 2020. According to this report, the demand for its on-demand technology increased significantly but so did their sale of XRP tokens.
Last year, Ripple promised to reduce its sale of XRP token significantly because they were getting too much heat from the cryptocurrency community for their excessive unlocking and sale of tokens.
In the first three months of the year, Ripple kept its promise and its sale of XRP tokens reached recent lows. In the second quarter, however, things took another turn and Ripple increased its sale of XRP tokens by 19-fold compared to the first quarter.