Did Ripple Sell $0.00 Worth of XRP in November? Massive Crypto Transfers Trigger Confusion
Crypto traders are wondering if a series of giant crypto transfers from Ripple indicate the company sold zero XRP in the month of November.
One billion of Ripple’s XRP was unlocked on November 1st, making the funds available for the San Francisco startup to sell to institutional players and crypto exchanges.
Typically, at the end of each month, after unlocking and selling XRP, Ripple places any unsold funds back into escrow. This time around, however, the company placed a full one billion XRP right back into escrow.
All three transfers were tracked in real time by Whale Alert on Twitter.
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 500,000,000 #XRP (109,276,854 USD) locked in escrow at Ripple
— Whale Alert (@whale_alert) December 2, 2019
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 400,000,000 #XRP (87,421,483 USD) locked in escrow at Ripple
— Whale Alert (@whale_alert) December 2, 2019
🔒 🔒 🔒 100,000,000 #XRP (21,855,371 USD) locked in escrow at Ripple
— Whale Alert (@whale_alert) December 2, 2019
The transfers triggered a debate on Reddit as to whether the company aborted all sales of its XRP holdings last month.
Ripple, which owns more than half of the total supply of XRP, has enough holdings in reserve that it can sell some of the one billion XRP released from escrow at the start of the month and still return a billion XRP to escrow at the end of the month.
In its third-quarter XRP Markets Report, Ripple said it plans to continue selling XRP at a slower pace than it has in the past.
In Q3, Ripple sold $66.24 million worth of XRP, down from $251.51 million in the second quarter.
The company says it plans to exercise “continued discipline” in the fourth quarter of this year.
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