Ripple Managed to Amass a Whopping 4.68 Billion XRP, According to Q2 Report
The Q2 2024 XRP Markets Report from Ripple provides in-depth insights into the company’s XRP holdings and market activities. According to the report, Ripple currently holds 4.682 billion XRP tokens in its wallets, with an additional 39.5 billion XRP tokens under on-ledger escrow lockups. The report outlines Ripple’s strategy of re-locking some of the released tokens to manage XRP supply.
Ripple CTO Stance in Earlier this Year
Ripple CTO David Schwartz discussed potential scenarios for dealing with XRP holdings, including the possibility of “blackholing” the associated accounts to burn the escrow tokens. However, the report suggests that Ripple’s current approach of selling XRP with lockup and utilizing XRP for partner rewards has proven more beneficial.
Read Also: Former XRP Enthusiast Insists XRP Not Meant to Be Cheap
XRP Performance and Trend Amid SEC Lawsuit
The report highlights the fluctuation in XRP’s Q2 performance, with realized volatility above 90% before falling to 45%. It also notes a decrease in on-chain activity on the XRP Ledger compared to the previous quarter, indicating a potential shift in network usage. Despite this, Ripple continues to pursue its initiatives, including the introduction of its stablecoin and engagement in a legal battle with the SEC.
Addressing misconceptions about the court ruling, the report emphasizes that the decision was a resounding win for Ripple and the crypto industry, clarifying that XRP as a standalone digital token is not considered a security. However, the report acknowledges lingering doubts about XRP’s potential breakout following the resolution and the potential impact of wider adoption on the limited XRP supply.
Read Also: XRP Update: The Significance of the $0.619 Threshold in the Short Position
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
