A debate over Ripple’s XRP sales has erupted again on X, with pro-Ripple lawyer Bill Morgan pushing back against a Bitcoin supporter who questioned XRP’s performance since Ripple began selling larger amounts of the token.
The exchange started after an X user argued that most of Ripple’s XRP sales came from 2017 onward and asked Morgan to explain how XRP had performed since then.
Morgan responded by pointing to what he considers a contradiction in years of criticism surrounding Ripple.
His question was simple: should Ripple be criticized for holding too much XRP, or criticized for reducing those holdings by selling XRP?
What you'll learn 👉
Morgan Points to Two Conflicting XRP Criticisms
Ripple’s large XRP position has long been controversial.
The XRP Ledger launched with a fixed supply of 100 billion XRP, and its founders allocated 80 billion XRP to Ripple. In December 2017, Ripple placed 55 billion XRP into escrow to create a more predictable release schedule.
Critics have frequently argued that Ripple’s holdings give the company too much influence over XRP’s supply.
I will answer your question if you answer my questions? My questions are you the sort of Bitcoin person who criticised Ripple for holding too much XRP and supposedly making the XRPL centralised? or are you the sort of bitcoin person who criticises Ripple for dumping XRP on retail so it reduces its XRP holding? or are you the type that just criticises XRP no matter what Ripple does?
— bill morgan (@Belisarius2020) November 5, 2026
But Ripple reducing those holdings creates another criticism: that its sales add supply to the market and potentially place pressure on XRP price.
That is the contradiction Morgan is targeting.
Ripple itself addressed the decentralization criticism in 2022 after its holdings fell below 50% of the total XRP supply, arguing that XRP ownership does not give the company control over XRPL validation.
Morgan’s argument does not prove Ripple’s sales have had no effect on XRP price. It instead questions how Ripple could realistically satisfy both criticisms at once.
How Much XRP Has Ripple Actually Sold?
The graphic circulating with the debate needs some context.
Its 2018 figure is accurate. Ripple reported selling $535.56 million worth of XRP during 2018, including $129.03 million in Q4 alone.
But comparing that directly with later figures such as “2B XRP” or “3.05B XRP” creates an apples-to-oranges problem.
Ripple’s sales model also changed.
By Q4 2019, Ripple had stopped programmatic XRP sales. In 2021 and 2022, the company described its sales as connected primarily with its On-Demand Liquidity payment business. It was also buying XRP on secondary markets during parts of this period.
For example, Ripple reported $2.96 billion in gross ODL-related XRP sales in Q4 2022, but it also purchased $2.74 billion worth of XRP. Net sales for the quarter were therefore only $226.31 million.
That difference is important when discussing claims that Ripple simply “dumped” billions of dollars of XRP onto retail investors.
Ripple Still Holds an Enormous XRP Position
The broader concern has not disappeared.
At the end of 2024, Ripple reported holding approximately 4.49 billion XRP directly, with another 38.03 billion XRP locked in escrow.
The escrow mechanism releases XRP monthly, but unused tokens can be placed into new escrows. XRP leaving escrow also does not automatically mean those tokens were sold into the open market.
That makes Ripple’s XRP position unusual.
The company benefits financially from XRP appreciation, yet it also controls a large inventory that can eventually enter circulation.
For holders, the useful question is therefore less about choosing between “Ripple holds too much” and “Ripple sells too much.”
It is how much XRP actually reaches the market, under what conditions, and how those flows compare with real demand for the asset.
For more crypto news and price predictions, click here.
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
