Ripple Labs Inc., the corporate behind the XRP token, has released its Q2 XRP Markets report. As a part of the report, the corporate shared its XRP holdings as of March 31, 2023, and June 30, 2023.
Ripple’s XRP Holdings
Ripple revealed that its XRP holdings fall into two classes; wallet-held XRPs and ones in escrow lockups (Ripple releases one billion XRP month-to-month as a part of its month-to-month token unlock). As of March 31, 2023 (representing the primary quarter of the 12 months), Ripple held 5,506,585,918 XRP and an extra 42,800,000,013 XRP topic to on-ledger escrow.
In the meantime, as of June 30, 2023 (representing the second quarter of the 12 months), the corporate held 5,551,119,094 XRP, and an extra 41,900,000,005 XRP had been topic to on-ledger escrow.
From the report, Ripple grew its XRP holdings in Q2 because the Q2 figures are barely up from the Q1 figures. Nevertheless, its XRP tokens in escrow on the finish of Q2 barely decreased in comparison with the Q1 determine.
XRP value nonetheless holding $0.69 | Supply: XRPUSD on Tradingview.com
Ripple Addresses Standard Misconceptions
Ripple additionally addressed some misconceptions from the current court docket ruling that XRP isn’t a safety. On July 13, 2023, Decide Analisa Torres dominated in favor of Ripple within the ongoing case between the crypto firm and the USA Securities and Alternate Fee (SEC).
The primary false impression Ripple addressed within the report was whether or not or not the ruling was a cut up determination, as a number of media retailers had tagged Ripple’s victory once more the SEC as a ‘partial victory.’ The crypto agency has debunked this declare by categorically stating that the ruling isn’t a cut up determination.
Ripple acknowledged that the ruling was a giant win for its agency and the crypto trade because it offers regularity readability not just for Ripple but in addition to different token issuers, as they will now decide that their tokens, out and in of themselves, should not securities.
The corporate additionally acknowledged within the report that its XRP tokens had been by no means a safety. It admitted that there are situations the place XRP (similar to “an orange grove or a gold bar”) may be bought as an funding contract. Nevertheless, such occasions don’t “magically rework” the token right into a safety.
Ripple’s XRP loved a big rally following the court docket’s ruling, however there stay considerations that an attraction from the SEC may see the token lose most of its positive factors from the post-lawsuit rally. As of the time of writing, XRP is buying and selling at $0.69, in response to information from CoinGeko.
Featured picture from iStock, chart from Tradingview.com