Data shows Ripple sold less XRP in Q4 2019, so why does its price continue to decline?

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Ripple reported a considerable decrease in XRP sales in Q4 2019, but the price of this cryptocurrency continues declining.

In its latest quarterly report, Ripple revealed a substantial decrease in XRP sales.

In total, the company sold $13 million in XRP during Q4 2019.

This represents an 80 percent reduction from the previous quarter where it sold $66 million worth of XRP. Considering the last three years, this is the lowest sum of XRP sold by Ripple.

"For the first time ever, Ripple didn't sell any XRP to exchanges. I'm not really sure why that happened since they continued to sell OTC. Could be regulatory issues or something else entirely."

After reaching an all-time high of $3.30 on Jan. 04, 2018, XRP entered a massive downward trend that has seen its price plummet by nearly 95 percent.

The last time XRP was trading at this price level was the week of Oct. 30, 2017.

If this price hurdle continues to hold, XRP could bounce off to the 100-day moving average.

If the 50-day moving average fails to continue holding XRP, one could expect a retest of the $0.176 support level.

Although the price of XRP could continue to suffer from the significant amount of tokens that Ripple put in circulation throughout 2019, the utility of this cryptocurrency is increasing.

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