The Top 10 XRP Wallets
As of October 5, 2023, XRP is the fifth-largest digital currency by market capitalization. Recently, its value increased after a judge dismissed the U.S. Securities and Exchange Commission’s appeal. In the past 30 days, XRP has gained 5.2% against the U.S. dollar. Bitcoin.com News previously analyzed the top ten wallets for bitcoin (BTC), ethereum (ETH), and tether (USDT). Each project has its own distribution tier, with USDT available on multiple blockchains.
Data from xrpscan.com shows that there are 100 billion XRP in circulation, distributed across 4,801,934 active accounts. Of this total, 99,988,373,201 XRP is accessible, while 41,106,205,320 XRP is held in escrow. The XRP ledger supports various types of escrow, including time-based escrow where funds are released after a set period of time.
The Dominant Wallets
Among the top ten wallets, these accounts control 11.04% of the XRP supply. The largest wallet belongs to Ripple and holds 1.96 billion XRP, accounting for 1.96% of the total supply. Binance’s wallet comes in third place with 1.47 billion XRP valued at $787 million. Uphold manages the fourth-ranking wallet with 1.37 billion XRP.
Binance also holds the fifth spot with its wallet containing 914 million XRP. Upbit’s wallet holds 910 million XRP and stands as the sixth dominant account. Uphold returns to the list with its seventh-largest wallet housing over 821 million XRP. Kraken’s wallet secures 740 million XRP and clinches the eighth position. Bitbank’s wallet boasts 658 million XRP, placing it in ninth place.
The tenth-largest XRP wallet is owned by an unknown entity and contains 653,476,430 XRP. The top 20 wallets hold 16.26% of the supply, while the top 50 hold 26.69%. The top 100 holders command 33.15%, and 277,000,000 XRP is allocated for XRP leveraged on the BNB network.
Ripple Labs Executives and Co-founders
It is believed that Ripple Labs executives and co-founders Chris Larsen and Brad Garlinghouse hold a significant amount of XRP, although the exact amounts are unknown. Co-founder Jed McCaleb sold his remaining XRP fortune in 2022. Over the years, McCaleb transferred a total of 9 billion XRP from his wallet known as the “Taco Stand.”
Hot Take: The Concentration of Wealth in XRP Wallets
The top ten XRP wallets control a significant portion of the total supply, with Ripple and Binance dominating the list. This concentration of wealth raises questions about decentralization and market influence within the XRP ecosystem. While it is common for major players to hold large amounts of cryptocurrency, it is important to consider the potential impact on price stability and market dynamics. As XRP continues to gain traction, it will be interesting to see how these prominent wallets shape the future of the digital currency.
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