Ripple Holds Less Than 50% of All XRP, Marks Great Milestone
Ripple, the XRP issuing platform, has published its report for the third quarter of this year. The firm shared one of its most exciting news in recent times amidst its legal battle with the US SEC. The firm said it possesses less than 50% of the total XRP supply in circulation.
Unprecedented XRP Record
This is the first in the history of the firm that it would hold such a record. Ripple’s CEO, Brad Garlinghouse, said the development is such a great milestone for Ripple. He added that it is now clear that XRP possesses actual utility.
The XRP token has received several criticisms from many quarters over the years. This came as a result of the controlling system’s alleged centralization. It also came from the obvious reality that Ripple possessed and controlled most of its own token supply in the market.
A huge development came up in the middle of December 2021. Ripple locked up some 55 billion of its XRP tokens in a series of wallets on escrow. The argument was that it wants to ensure the stability of its token price so 1 billion XRP would be released per month.
Ripple wrote in its latest report that it runs just four of the one hundred and thirty validations nodes present on its XRP Ledger. It thereby debunked claims that it runs a centralized token system.
Wider Market Impact?
According to media rounds before now, Ripple made sales to the tune of $408 million during the second quarter. But the third quarter report shows a decline in the firm’s total sales in that period. XRP revenue from sales fell to $310.68 million in that period.
Ripple has claimed that it only sells its tokens in tandem with on-demand liquidity products. The on-demand liquidity system makes use of the token to bridge two fiat monies without any glitches.
Ripple has not been involved in any form of troublesome sales since 2019. The total sales were responsible for 0.42% of all XRP in the course of the third quarter.
The latest XRP development might not be too divorced from the general crypto market development. Traders have stepped up their activities across several cryptocurrencies in recent times. This is due to the impending recession fears and the massive flight to safety.
Bitcoin and Ethereum have led the way in the crypto market’s recovery. Whale activities have especially received new life.
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