Ripple CTO refutes excessive XRP sales claims

Ripple’s Chief Technology Officer, David Schwartz, has recently stepped up to address and refute claims about the company’s supposed increase in XRP sales in December 2023. Allegations circulating in the cryptocurrency community suggested that Ripple sold an unusually high amount of 237 million XRP. In a bid to clear the air, Schwartz responded to these allegations on The Good Morning Crypto Podcast’s Twitter platform.

The controversy began with an analysis by Mr. Huber, an on-chain investigator, amplified by the podcast’s social media channels. Huber’s report suggested that Ripple’s sales had spiked significantly in December 2023, pointing to specific dates where large amounts of XRP were allegedly sold. However, Schwartz challenged the accuracy of these claims, stating that the upcoming Q4 2023 Ripple XRP market report would reflect a consistent sales pattern similar to previous quarters.

The Ripple effect: Investor sentiment and market dynamics

This incident highlights the sensitive nature of cryptocurrency markets to news and rumors, especially regarding major stakeholders like Ripple. The company’s routine practice of releasing 1 billion XRP from escrow each month, followed by relocking a major portion and selling the rest, is a well-known strategy. Yet, blockchain transactions’ complexities and sometimes opaque nature can lead to misunderstandings and speculative conclusions.

A Twitter poll by The Good Morning Crypto Podcast showed that a significant portion of the community, 68% of 1,964 respondents, believed that Ripple’s sales activities might be suppressing XRP’s price. This sentiment reflects the critical need for transparency and the impact of leadership communication in shaping investor confidence. As the cryptocurrency market continues to evolve, the role of key players like Ripple in maintaining a balanced and well-informed market environment becomes increasingly vital.

The post Ripple CTO refutes excessive XRP sales claims first appeared on Coinfea.