Ripple Continues Pause Of XRP Sales, Volume Spikes By 72%: Q1 2020

The Ripple price is again attempting to break the $0.22 levels. Just like we reported earlier today, the XRP price is doing good today and getting in the same flow as the market. However, the company behind Ripple continues pause of XRP sales in an attempt to not benefit from the “XRP dumping.”

If you read our XRP news today, you know that the issue first gained traction around the end of 2019. Back then, investors claimed that “XRP dumping” (also known as “programmatic sales”) were causing a glut in supply which resulted in price drops. This is why Ripple continues pause of XRP sales and why it does not want to dictate a poor price performance again.

Even though the company behind XRP disputed the claims in the beginning, it still bowed to community pressure and paused the “programmatic sales.” The latest report from Ripple shows a continuation of this trend.

Earlier this week, Ripple also published its Q1 2020 report where it gave an update on the happenings at the firm, as well as the overall state of the XRP market. The company opened up with commentary on the macroeconomic situation, showing how it draws attention to “Black Thursday” and the resultant test of safe-haven status for all digital assets including XRP.

Even though Ripple acknowledges a recovery of sorts since then, the leadership remains cautious of how things may play out in the coming months and years as a result of the COVID-19 pandemic.

“Given the recession and continued uncertainty about the extent of the long-term economic impact this global crisis will impose, we expect continued market volatility and a sustained test for crypto as to whether it performs as a ‘safe haven’ asset class,” they said.

Further analysis of Ripple’s sales shows that Q1 2020 institutional direct sales (OTC) were valued at $1.75 million. This is a market decrease compared to the previous quarter of $13.08 million. However, despite all of the declines, the OTC sales are used to built utility and liquidity in key regions, as the company noted.

As Ripple continues pause of XRP sales, we can see that the current quarter remains flat just as it was for Q4 2019. The good news is that the XRP altcoin is viral in the cryptonews and responding good. This is welcome news for many XRP investors who are looking to hold this coin and take profits in the future.