Ripple sells over $200 million of XRP in September’s selling spree 
Cryptocurrency Sep 24, 2024 Share
Ripple is on a selling spree, offloading a total of 350 million XRP from its treasury reserves in September. XRP price has already recovered after immediate negative reactions to Ripple’s two selling activities this month, worth approximately $200 million.
In its most recent sale, the ‘Ripple (1)‘ address spent 200 million XRP, worth nearly $120 million, on September 23. Before that, the treasury account had moved 150 million XRP to the same destination address, ‘rP4X2hTa7A7udDbE6wczXvPz7XZ63sKxv3‘, on September 13.
This comes from a pattern the largest XRP holder and core developer repeats every month, inflating the token’s circulating supply. In September, the company unlocked 1 billion XRP, reserving 200 million in ‘Ripple (1)’, but adding 150 million more tokens.
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Finbold monitors Ripple’s monthly onchain activity through the XRP Scan explorer, reporting its selling sprees and their economic impacts. Essentially, we consider a sale once XRP moves from one of Ripple’s treasury accounts to an unknown address without disclosure.
Ripple (1) – rBg2FuZT91C52Nny68houguJ4vt5x1o91m, transactions. Source: XRP Scan / Finbold
XRP price analysis amid Ripple’s selling spree in September
As of this writing, XRP is trading at $0.589, down 1.7% in the last 24 hours. Slightly recovering from a crash to $0.583 following the 200 million XRP sale on September 23.
Notably, the previous sale of 150 million XRP was marked by a price increase from $0.57 to $0.596. This happened as XRP whales massively increased their positions, buying over 380 million XRP from September 10 to 20.
On the other hand, the token experienced significant crashes right after Ripple prepared its September selling spree on two occasions. First, dropping from $0.565 to $0.545 while unlocking and reserving the 200 million XRP. Later, it went from $0.544 to as low as $0.509 after moving the extra 150 million, signaling the intention of a larger sell-off in September.
Ripple (XRP) monthly price chart, amid September’s selling spree. Source: Finbold
Despite the challenges of Ripple’s ongoing selling spree, analysts remain bullish on XRP performance for the following weeks. Finbold reported some of these analyses, forecasting XRP to $1 soon, backed by an artificial intelligence (AI) prediction.
“Jan-2018 Resistance wil be eliminated above $1.03, yes, exactly that point, interesting.”
– Dark Defender on X
Nevertheless, investors and traders must understand how supply and demand dynamics can impact the price action. Ripple still has over 40 billion XRP that will eventually start circulating through the company’s sales. The demand must overcome this supply pressure for the token to perform positively in the long run.