Unveiling Secrets: Prominent Crypto Analyst Exposes Truth behind XRP Sales Suspension
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Key Takeaways:
– Ripple paused XRP sales for 22 weeks during a legal dispute with the SEC, coinciding with Jed McCaleb’s halt.
– Ripple’s supply data reveals a buyback of 10 billion XRP followed by a sale.
– XRP’s price is currently at $0.606, down 3.49% in 24 hours, with a surge in trading volume by 63%.
Ripple’s XRP Sales and Legal Struggles Unveiled in Recent Analysis
A recent analysis of Ripple’s XRP sales data has uncovered intriguing patterns, arousing curiosity about the company’s strategies amidst its legal battle with the U.S. Securities and Exchange Commission (SEC). Renowned crypto analyst Mr. Huber has shed light on Ripple’s XRP sales and legal challenges during the peak of XRP’s value in April 2021.
Ripple Puts a Halt on XRP Sales
According to Mr. Huber’s tweet, Ripple ceased selling XRP for 22 weeks following the SEC’s lawsuit against the company in December 2020. This temporary pause in supply influx was also accompanied by co-founder Jed McCaleb’s decision to halt his XRP sales, further contributing to the break in circulation.
Recalling the Peak in 2021
Mr. Huber’s tweet also reminds readers of the peak in 2021, when Ripple refrained from selling any more XRP for the first 22 weeks after the SEC lawsuit was filed. This information is based on circulating supply data. Jed McCaleb also followed suit by suspending his sales during this period.
Court Rulings Inject Volatility
Interestingly, court rulings between April 4 and 8 brought volatility to the XRP market. While the SEC’s attempt to access the personal finances of Ripple executives was denied, the court approved Ripple’s request for the disclosure of the Hinman documents. This added fuel to the fire, causing XRP’s value to skyrocket by an astounding 250% in just 10 days, reaching its peak on April 14, 2021.
Ripple’s Supply Data Reveals Trends
A closer examination of Ripple’s supply data after the peak reveals intriguing trends. Four weeks later, there was inconsistent behavior with a significant buyback of approximately 10 billion XRP, followed by a subsequent sale of about 10.7 billion XRP in early May. This sequence of buyback and sale resulted in a net sales figure of 700 million XRP since December 2020.
Speculation Surrounds Ripple’s Buyback
The timing of Ripple’s buyback, which occurred as Bitcoin’s price dropped, has sparked speculation among analysts. Some believe that Ripple sold Bitcoin to repurchase XRP, potentially attempting to shift focus from Bitcoin to XRP. However, the delay in reporting supply data for two weeks makes this theory unclear. Additionally, the absence of supply data for the 22 weeks preceding these events complicates the analysis, making it difficult to discern Ripple’s true intentions.
Analysis of XRP Price
As of now, the price of XRP stands at $0.606, indicating a 3.49% decrease in the past 24 hours. Despite this decrease, there has been a significant surge in trading volume, reaching $1.43 billion, marking a notable increase of 63%.