Bloomberg said that CMC data showed that eight of the top 10 cryptocurrencies had a sharp rise in the year, but XRP fell by about 20% (the other big unrecognized currency was USDT). Data analysis company Coin Metrics said Ripple has been selling XRP faster and faster. Jed McCaleb, the co-founder who is no longer working for Ripple, will sell 500,000 XRPs a day. Kyle Samani, co-founder of Encrypted Hedge Fund Multicoin Capital, also said he is shorting XRP: "In the past three quarters, Ripple's XRP sales have grown steadily, which may put downward pressure on XRP." Ripple said in a statement Friday. The response denied the XRP sales acceleration, which indicated that XRP's programmatic sales "% of market capitalization and actual supply inflation rate" were lower than BTC or ETH. Programmatic sales are related to the volume of transactions reported by the exchange, and it has realized that some platforms report incorrect transaction volumes. Ripple has “substantially reduced XRP sales” and this trend is expected to continue during the quarter.