According to data by CryptoCompare, XRP’s strong rally in the past two-week period has taken it all the way from $0.1986 (10:00 UTC on July 21) to $0.3262 (03:00 UTC on August 2), which is the highest it has been since February 15.
Scott Melker, a crypto trader at Texas West Capital, yesterday, called this rally “the real deal”:
What makes XRP’s rally in the past two weeks—which, by the way, coincides with the rallies enjoyed by Bitcoin and Ethereum during the same period—even more impressive is that this strong performance has come despite regular sales of XRP by current Stellar CTO (and former Ripple CTO) Jed McCaleb and increased sales of XRP by Ripple in Q2 2020.
With regard to the former, when McCaleb left Ripple in July 2013, he was owed 9 billion XRP. As part of a revised agreement reached with Ripple in 2016, he was given permission to sell a percentage of the XRP’s daily trading volume; this cap is currently set at 1.5% of the daily volume.
On August 1, Whale Alert tweeted:
And on August 3, Whale Alert published a blog post that analyzed McCaleb’s XRP sales in 2020 and found that:
- McCaleb has sold 266% more XRP in 2020 than in 2019.
- In the past one-month period, McCaleb has been selling around 1.74 million XRP each day.
As for sales of XRP by Ripple, the company published yesterday “Q2 2020 XRP Markets Report“, a quarterly report that provides “transparency and regular updates on the company’s views on the state of the XRP market, including quarterly programmatic and institutional sales updates, relevant XRP-related announcements, such as Xpring and RippleNet partnerships, and commentary on previous quarter market developments.”
The report mentioned that in Q2 2020, although Ripple “continued the pause of programmatic sales, focusing solely on its over-the-counter (OTC) sales as part of providing increased XRP liquidity to RippleNet’s On-Demand Liquidity (ODL) customers,” total XRP sales increased to $32.55 million from $1.75 million in Q1 2020.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.