Ripple has reduced its XRP holdings to less than 50% of total supply, according to its latest markets report. The move towards greater decentralisation of the currency has been interpreted as positive news for Ripple and XRP. In the report, the company stated its focus on using XRP and the XP Ledger in its products for “speed, security and scalability for movement of value”, citing rising corporate interest in cryptocurrency. However, the report also addressed issues around US Securities and Exchange Commission jurisdiction over crypto regulation and ongoing litigation, such as the SEC’s suit against Ripple over XRP sales.
XRP Insights: Ripple’s xrp Holdings now less than 50 percent
In this crypto video, Dusty discusses some news regarding XRP. According to the latest XRP markets report, Ripple’s xrp Holdings are now less than 50 percent of the total supply. This means that Ripple has gotten rid of a ton of xrp, which can be seen in two ways. One as being a very bullish endeavor where the distribution is becoming more decentralized, and the negative side is Ripple is getting rid of more xrp. They are selling more xrp and holding less, which means they’re worth less.
A few notable takeaways from the report include Ripple’s product, on-demand liquidity, going live in Brazil, a key market in Latin America, and the total exopy sales by Ripple net of purchases were $310 million versus $408 million in the previous quarter. Ripple now owns a minority stake in the total xrp, but they actually only own four out of 130 plus validator nodes, which is pretty centralised.
In terms of macroeconomics, the report talks a little bit about how the US dollar and the stocks are doing and how the correlation is doing. The report then discusses the Etheria merge, how NFTs are increasing in utility and a fun fact about NFTs on the XP Ledger coming up in a couple of days. The report also talks about regulation, including how in Europe, a couple of things have happened, but in the US, Ripple has the most interesting problem right now.
In conclusion, there’s still so much uncertainty surrounding the XRP and Ripple situation. There are many pieces that Ripple has shared regarding all this strange policy by the SEC. Throughout this report, it is clear that Ripple plans to get less and less control over the XP Ledger over time, and they’re helping out to achieve this goal piece by piece. Despite the challenges, many in the cryptocurrency community still believe in XRP and its potential utility.