- An XRP supporter, Mr. Huber claims there is a major demand for XRP.
- According to Huber, between one to four billion dollars worth of XRP is demanded every day.
- Huber noted that demand for XRP grew by 800% more than what Ripple could offer.
According to Mr. Huber, an XRP supporter and self-described sleuth looking for truth, there is a major demand for XRP. He noted that between one to four billion dollars worth of XRP is demanded per day.
Huber made the statement while responding to Yassin Mobarak, a member of the X social network who said there is no real market demand for XRP. According to Mobarak, Ripple is buying XRP from the open market in significant volumes. He believes XRP will not react to the market in the event of an overall bull run.
Still responding to Mobarak, Huber noted that demand for XRP grew by 800% more than what Ripple could offer through their sales in the past year. Using a screenshot from TradingView’s analytics platform, Huber revealed that Ripple increased the supply by 10% by selling their XRP. He noted that XRP’s price rose organically by 80% in the same timeframe.
To supplement his point, Huber noted that during the 80% growth in XRP’s price, there were no funds, ETFs, or any other investment vehicle for the digital token in the United States. He also clarified there were no incentives, yield, or staking rewards for holding and not selling XRP.
XRP’s status was the subject of a prolonged legal battle between the Securities and Exchange Commission (SEC) and Ripple. The SEC filed a lawsuit seeking the judge to declare XRP a security due to the nature of how it was distributed in an Initial Coin Offering (ICO).
In a recent ruling, U.S. Judge of the Southern District of New York gave a watershed verdict that the token is not a security. XRP’s price surged over 102% following the ruling, reaching $0.95 for the first time since December 2021.
As of writing time, XRP had retraced to trade at $0.69 following a general price consolidation in the crypto market.
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