Data from the XRP Rich List Reveals Concentration of Wealth
A recent analysis of the XRP rich list has shown that the top 10 wallets control a significant portion of the circulating supply of XRP. These wallets collectively hold over 59 billion XRP tokens, which accounts for approximately 11% of the total circulating supply. Notably, Ripple, the crypto firm behind XRP, holds two of the top positions on the list.
Ripple Dominates the Top Positions
The two largest XRP wallets are both owned by Ripple. One wallet holds over 1.7 billion XRP tokens, while the other holds 1.5 billion. Together, these two wallets alone represent 3.5% of XRP’s circulating supply.
Binance and Uphold Among Other Major Holders
Other prominent names on the list include Binance, one of the largest cryptocurrency exchanges, with a wallet holding over 1.48 billion XRP tokens. Uphold, a financial platform and Ripple partner, also has a significant presence on the list with holdings of over 1.37 billion and 796 million XRP tokens in separate wallets.
Uphold’s significant holdings are not only due to its customers’ funds but also because it provides infrastructure for Ripple’s payment service. Additionally, popular exchanges like Upbit, Kraken, and Bitbank are also among the top holders of XRP.
Ripple Co-Founder Chris Larsen Among Top Wallet Owners
Chris Larsen, co-founder of Ripple, is listed among the top 50 holders of XRP with five different wallets attributed to him. These wallets collectively hold 2.5 billion XRP tokens, believed to have been distributed to Larsen when Ripple was initially launched.
On the other hand, wallets belonging to Ripple’s CEO Brad Garlinghouse are not present in the list of the top 10,000 XRP wallets. However, it is widely known that Garlinghouse holds a significant amount of XRP tokens.
Ripple’s XRP Holdings Extend Beyond Circulation
It is worth noting that Ripple’s XRP holdings go beyond what is currently in circulation. The company still has over 40 billion XRP tokens locked up in escrow. From these lock-ups, Ripple releases 1 billion XRP tokens each month.
XRP Price and Market Outlook
At the time of writing, XRP is trading at around $0.62, showing a modest increase of over 1% in the last 24 hours. The cryptocurrency continues to attract attention and maintain its market presence.
Hot Take: Concentration of Wealth Raises Concerns
The concentration of XRP wealth in a few wallets raises concerns about centralization and control within the cryptocurrency ecosystem. With Ripple and major exchanges holding significant amounts of XRP, there is a potential for market manipulation and influence over the token’s price. This highlights the need for transparency and decentralization in the crypto space to ensure a fair and balanced distribution of wealth and power.
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