Ripple’s XRP Sales Down 73% in Q3 Compared to Previous Quarter

Blockchain payments network Ripple has announced that it sold $66.24 million worth of XRP in Q3 2019 — down a staggering 73.66% compared to the record sale worth of $251.51 million in the previous quarter.

According to the third quarterly report released on Oct. 18, Ripple had previously announced the plan to sell XRP tokens slower in Q3.

Ripple’s XRP sale rate is lower than ETH’s inflation

Ripple also stated that “XRP distribution rate since the beginning of the quarter has been lower compared to the inflation rates of ETH and LTC, and similar to BTC.” 

The company also addressed the allegations that it is dumping XRP on the market and manipulating its price, claiming that a significant portion of such ideas was spread by bot accounts on Twitter.

Accusation of dumping reportedly often pointed to large movements of XRP as proof, but those “were in fact transfers between Ripple treasury and escrow management accounts.“ Such transactions have no direct impact on the market, since they do not introduce new coins to it, the report claims.

Twitter bots spread FUD

Furthermore, Ripple also claimed that — according to a tool developed by the Indiana University — bots are responsible for “49% of the share of conversation about BTC, 71% about ETH and 50% about XRP,” adding that this quarter has also seen an increased XRP-related activity among Twitter bots.

As Cointelegraph recently reported, London-based Finastra — the third-largest financial services technology firm in the world — has partnered with Ripple to grant its customers access to the RippleNet blockchain network.