Septembers selling spree sees Ripples XRP sales surpass 200 million
Ripple is currently in the midst of a selling frenzy, as it has recently sold a total of 350 million XRP from its treasury reserves in September. Despite initial negative reactions to these selling activities, the price of XRP has already bounced back and recovered, amounting to approximately $200 million.
In its most recent sale on September 23, the ‘Ripple (1)’ address spent 200 million XRP, equivalent to nearly $120 million. Prior to that, the treasury account had transferred 150 million XRP to the same destination address, ‘rP4X2hTa7A7udDbE6wczXvPz7XZ63sKxv3’, on September 13.
This follows a pattern that the largest XRP holder and core developer follows every month, which increases the token’s circulating supply. In September, the company unlocked 1 billion XRP, reserving 200 million in ‘Ripple (1)’, while adding an additional 150 million tokens.
Finbold closely monitors Ripple’s monthly onchain activity through the XRP Scan explorer, reporting on its selling sprees and their economic impacts. A sale is considered when XRP is moved from one of Ripple’s treasury accounts to an unknown address without disclosure.
As of now, XRP is trading at $0.589, experiencing a 1.7% decline in the last 24 hours. It has slightly recovered from a crash to $0.583 following the 200 million XRP sale on September 23.
Interestingly, the previous sale of 150 million XRP saw a price increase from $0.57 to $0.596. This occurred as XRP whales significantly increased their positions, buying over 380 million XRP from September 10 to 20.
However, the token faced significant drops immediately after Ripple’s September selling spree on two occasions. Firstly, it dropped from $0.565 to $0.545 while unlocking and reserving the 200 million XRP. Later, it fell from $0.544 to as low as $0.509 after moving the additional 150 million XRP, indicating a potential larger sell-off in September.
Despite the challenges posed by Ripple’s ongoing selling spree, analysts remain optimistic about XRP’s performance in the coming weeks. Some of these analyses, as reported by Finbold, forecast XRP to reach $1 soon, supported by artificial intelligence (AI) predictions.
“Jan-2018 Resistance will be eliminated above $1.03, yes, exactly that point, interesting.” – Dark Defender on X
However, investors and traders must understand the impact of supply and demand dynamics on price action. Ripple still holds over 40 billion XRP, which will eventually enter the market through the company’s sales. To see positive long-term performance, demand must surpass this supply pressure.
