Ripple Sells 892M XRP in Q3 2023
Ripple, the blockchain company behind XRP, has released its Q3 2023 report, revealing that it sold over 892 million XRP tokens during the third quarter. It’s important to note that out of the total holding of 46.5 billion XRP, 41.3 billion XRP is locked away in escrow.
Ripple’s XRP Holdings
The report explains that Ripple divides its XRP holdings into two categories. The first category includes XRP in the company’s corporate accounts, which can be used for operational purposes. The second category consists of XRP tokens held in escrow wallets, which are not immediately available for use. Ripple can only access these tokens once they are released from escrow at a rate of 1 billion tokens per month.
In Q2, Ripple held a total of 47.45 billion XRP, with 5.55 billion considered spendable and 41.9 billion held in escrow wallets. By the end of Q3, the total XRP holding decreased slightly to 46.5 billion, and the available balance dropped to 5.25 billion XRP. This indicates that Ripple sold 293 million XRP from its available balance during Q3.
The escrow also saw a decrease from 41.9 billion to 41.3 billion during Q3, meaning that Ripple released about 600 million XRP from escrow. Overall, Ripple sold approximately 892 million XRP in the third quarter alone.
XRP Holds 5% of Trade Volume in US Exchange
The report also examines the trading dynamics of XRP during this period. It reveals that around 60% of XRP’s trading volume took place on Binance, the largest exchange globally. Additionally, nearly 5% of all XRP trading volume occurred on US exchanges after they resumed XRP trading on July 13. This allowed more people in the US to access XRP.
Ripple highlights that an increasing amount of XRP trading is happening with stablecoins instead of fiat currencies. Many exchanges now allow users to trade XRP for USDT, one of the stablecoins available.
Hot Take: Ripple’s Q3 Report Highlights XRP Sales and Trading Dynamics
Ripple’s Q3 2023 report provides valuable insights into the XRP market. The report reveals significant XRP sales during the quarter, with Ripple selling over 892 million XRP. It also emphasizes the division of Ripple’s XRP holdings into corporate accounts and escrow wallets. Additionally, the report highlights the dominance of Binance in XRP trading volume and the resurgence of US exchanges in facilitating XRP trades.
The increasing use of stablecoins for XRP trading is another noteworthy trend mentioned in the report. Overall, Ripple’s Q3 report sheds light on the dynamics of XRP sales and trading, providing a comprehensive overview of the cryptocurrency’s performance during this period.
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