Ripple Discloses XRP Holdings in Q2 Report
Ripple Labs Inc., the company behind the XRP token, has published its Q2 XRP Markets report. In an effort to rebuild trust within the cryptocurrency community, Ripple has decided to lock back 800 million XRP tokens into escrow. The report discloses Ripple’s XRP holdings as of March 31, 2023, and June 30, 2023.
Key Points:
– Ripple held 5,506,585,918 XRP in wallets and had 42,800,000,013 XRP in on-ledger escrow as of March 31, 2023.
– By June 30, 2023, Ripple’s wallet-held XRP increased to 5,551,119,094, while the XRP in on-ledger escrow decreased to 41,900,000,005.
– Crypto analyst Mr. Huber suggests that Ripple might not directly own all the XRP in escrow and that portions of it could have been “pre-sold” to other companies or institutions.
Mr. Huber’s Insights on Ripple’s XRP Escrow and Ownership Dynamics
Mr. Huber responded to a user’s claim that funds in a bank vault aren’t physically held by the owner, yet they still own them. In his response, Mr. Huber suggested that it is not unlikely for Ripple to have “pre-sold” portions of the escrowed XRP to other entities. If this holds true, it would be incorrect to consider the XRP in escrow as the exclusive property of Ripple.
Hot Take:
The disclosure of Ripple’s XRP holdings in the Q2 report is a step towards rebuilding trust in the crypto community. Mr. Huber’s insights raise important questions about the ownership dynamics of the XRP held in escrow. It is crucial for investors and users to have a clear understanding of how the XRP tokens are distributed and owned.
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