Is Ripple Giving Up on the XRP Crypto?


  • A new report shows that Ripple sold $361.1 million worth of XRP in the first quarter of the year.
  • This is a substantial increase from the $226.3 million sold in Q4 2022.
  • According to the company, Ripple’s net sale of XRP is for supply balancing purposes.
XRP crypto - Is Ripple Giving Up on the XRP Crypto?

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Ripple, the blockchain-based payment network, is selling off large quantities of its in-house payment intermediary, XRP (XRP-USD). Indeed, in a recent quarterly XRP Markets report, Ripple disclosed selling $361.1 million worth of the XRP crypto in Q1 of this year, a notable acceleration from the $226.3 million sold in Q4 2022.

Just because Ripple has been selling off XRP does not necessarily mean the end is near, however.

It seems the net sales were related to balancing the supply of XRP as it pertains to Ripple.

Ripple Sells XRP Crypto as Coin Enjoys Red-Hot Year

Lately, the XRP crypto has undeniably been thriving. The coin is up more than 40% this year as one of the leaders of this year’s crypto resurgence.

The No. 6 crypto by market capitalization, XRP hasn’t exactly been able to avoid controversy. Since 2018, Ripple has been caught in a seemingly endless U.S. Securities and Exchange Commission (SEC) probe, all originating from Ripple’s registration as a for-profit entity. The SEC has alleged that, due to this status, its launch of XRP was an unregistered security offering. Ripple maintains that instead, XRP is a digital currency.

Currently, the lawsuit surrounding XRP is in the hands of the Southern District of New York. A verdict is expected to be handed down soon enough, but until then, XRP remains a fast-climber with more than its fair share of baggage.

On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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