Ripple has been actively selling off its treasury reserves, with a total of 350 million XRP being offloaded in September. Despite initial negative reactions, the XRP price has shown signs of recovery following Ripple’s selling activities amounting to approximately $200 million this month.
During its most recent sale, the address associated with Ripple spent 200 million XRP, equivalent to nearly $120 million, on September 23. Prior to this, 150 million XRP was moved to the same address on September 13. This selling pattern is a regular practice by the largest XRP holder and core developer, contributing to the token’s circulating supply.
Tracking Ripple’s monthly onchain activity through the XRP Scan explorer, Finbold sheds light on the economic impacts of these selling sprees. Sales are considered when XRP moves from Ripple’s treasury accounts to undisclosed addresses.
XRP is currently trading at $0.589, down 1.7% over the past 24 hours. Following the 200 million XRP sale on September 23, the price dipped to $0.583 before showing a slight recovery. Notably, a previous sale of 150 million XRP resulted in a price increase from $0.57 to $0.596 as XRP whales significantly augmented their positions.
Despite facing challenges due to Ripple’s selling spree, analysts maintain a bullish outlook on XRP’s performance in the upcoming weeks. Forecasts predict XRP reaching $1 soon, supported by artificial intelligence (AI) predictions.
Analysts emphasize the importance of understanding supply and demand dynamics in influencing price action. With over 40 billion XRP still held by Ripple for future sales, overcoming supply pressure is crucial for the token to thrive in the long term.
The article “Ripple sells over $200 million of XRP in September’s selling spree” was originally featured on Finbold’s website.