A new report from Messari delves into the price of XRP and Ripple’s crypto sales strategy in the first quarter of 2020. As we can see from the report by Messari, Ripple’s strategy on more sales has little impact on the price of XRP.
Meanwhile, the Bitcoin news now show that BTC began the year at $7,236 and ended the first quarter at $6,384, a decrease of 11.77%. XRP began 2020 at $0.1939 and ended the quarter at $0.1740, which is basically a 10.26% decrease.
Ripple’s strategy to focus on more sales comes as the company forges new partnerships designed to leverage the third largest cryptocurrency through the company’s liquidity solution which is dubbed On-Demand Liquidity (ODL), as Messari nots. The top Mexican Bitcoin exchange Bitso also said that it is using XRP as a bridge currency to power 2.5% of all remittances between the United States and Mexico.
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As Messari highlighted, Ripple’s strategy of easing XRP sales started in the second half of 2019. While the company has long stated that its sales of the crypto asset are too miniscule to influence its price and are relatively small when compared to the daily volume of XRP, the company has dramatically scaled back on its routine programmatic sales.
$XRP was the worst performer in Q1 of the top 25 assets in our currencies sector excluding bitcoin
+ $XRP dropped out of the top 3 by marketcap as $USDT ascended the ranks
+ @Ripple's reduction is XRP sales starting in Q3 '19 did little to help the price pic.twitter.com/g56DJCQx47
— Blockworks Data (@BlockworksData) April 10, 2020
As such, the Ripple news show that the company sold zero XRP in the fourth quarter of 2019 on cryptocurrency exchanges and decreased sales to institutions over the counter (OTC). Researchers at Messari believe that Ripple’s strategy shows that the reduced sales are having very little impact on the price of XRP.
In addition to this, Messari comments on Ripple’s securities lawsuit which is expected to also “march on for the foreseeable future.” According to the lead plaintiff and former XRP investor Bradley Sostack, Ripple illegally sold XRP as an unregistered security and breached the US securities law.
All in all, Ripple’s strategy may not be working well or may not worked well back in 2019 – but at least it does not impact the current Ripple XRP price. As it stands, Ripple’s XRP token is trading at $0.1913 with a 1.07% gains on the day, making it the biggest gainer in the top 10 today.
In the future, the main psychological level for the XRP price is $0.20, which needs to be breached if the XRP investors want to see more gains ahead.
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