- Ripple’s CTO has countered allegations of substantial XRP offloading.
- A looming XRP Market Report has promised a holistic view of Ripple’s quarterly XRP holdings.
- Schwartz has hinted at “No surprises” in the upcoming report.
Following recent claims of Ripple offloading large amounts of XRP, the company’s Chief Technology Officer, David Schwartz, has stepped in to debunk the allegations. In a series of tweets, Schwartz addressed concerns raised by a prominent crypto researcher, Good Morning Crypto, who suggested Ripple’s December XRP sales were unusually high.
Did Ripple Trigger an XRP Sell-off in December?
Good Morning Crypto’s claims stemmed from data suggesting Ripple sold 237 million XRP units in December 2023, roughly equivalent to $142 million. According to the researcher, this was three times Ripple’s average monthly XRP sales.
The researcher further speculated about a potential significant XRP buyback by Ripple, based on historical trends, and expressed concern about the impact of prolonged selling on XRP prices.
Ripple to Release Report on XRP Holdings
While acknowledging the upcoming XRP Market Report, which is due in a few weeks, Schwartz emphasized that it would provide a comprehensive picture of Ripple’s XRP holdings over the entire quarter, not just December.
This report, Schwartz assured, would paint a more accurate picture of the company’s XRP activity, accounting for transfers, grants, sales, and other factors that influence XRP holdings.
Schwartz stated that the report would reveal “No surprises,” suggesting that Ripple’s XRP holdings remain consistent with previous quarters. He reiterated the company’s commitment to transparency regarding its XRP holdings, even when scrutinized or used against them.
Schwartz’s response directly addresses these concerns, emphasizing the upcoming report’s role in providing a holistic view of Ripple’s XRP activity. While the specific details of the report remain under wraps, Schwartz’s assurance of consistency and transparency aims to quell anxieties surrounding Ripple’s XRP holdings and their potential impact on market prices.
On the Flipside
- Despite expectations of a clean quarterly report, December’s XRP sales, as per Good Morning Crypto’s data, surpassed Ripple’s typical monthly transactions.
- Even if consistent, large-scale sales could contribute to increased volatility in the XRP market.
Why This Matters
Beyond the immediate clarification of XRP sales, this event reassures the crypto community about Ripple’s commitment to transparency, a crucial factor considering ongoing concerns that Ripple’s involvement with XRP has curtailed its potential for substantial price gains.
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