Grayscale Insiders Offload GXRP Shares Amid XRP Price Plunge

Grayscale CEO Barry Silbert's sale of GXRP shares has raised eyebrows in the crypto community. However, it's not just Silbert who is selling - another Grayscale insider, Mintzberg, has also filed a notice to sell his shares. According to the Form 144 filing on July 28, Mintzberg listed the sale through broker Cantor Fitzgerald at $20.45 per share. He still holds 2.84 million shares after the sale.

What's striking about this development is that two other Grayscale insiders, Barry Silbert and Craig Salm, had filed notices to sell GXRP shares in January at a much higher price of around $37 each. This represents a significant drop in share value, with Mintzberg selling his block today at 45% below the January price.

But what's even more concerning is that both January notices listed 5,790,100 shares outstanding, while Mintzberg's July notice lists 2,840,100, a drop of roughly 2,950,000 shares in six months, representing about 51% of the trust's total float. This means that share counts in the ETF have fallen when redemptions outpace creations.

XRP trades 70% below its all-time high, with the 200-day SMA at $1.37 and the 50-day SMA at $1.11 sitting well above current price. The bigger-picture trend remains bearish, despite some technical indicators pointing to fading buying pressure rather than a recovery building.