Ripple recently released its Q3 2023 report, shedding light on the XRP market. The report reveals that during this period, Ripple sold over 892 million XRP.
Ripple Sold 892M XRP in Q3 2023
Ripple, the blockchain company responsible for the XRP cryptocurrency, has recently unveiled its Q3 2023 report, revealing that it sold more than 892 million XRP tokens during the third quarter of the year. However, it’s worth noting that 41.3 billion XRP is currently locked away in escrow out of a total holding of 46.5 billion XRP.
The report highlights how Ripple divides its XRP holdings into two categories. The first category consists of XRP in the company’s corporate accounts, which can be used for operational purposes.
Meanwhile, the second category relates to the XRP tokens held in Ripple’s escrow wallets; these tokens are not available for immediate use; instead, they are held in escrow. Ripple can only access these tokens once they are released from escrow, which occurs at a rate of 1 billion tokens becoming available each month.
Ripple’s XRP Holdings
In the Q2, as of June 30, Ripple held a total of 47.45 billion XRP. Out of this, 5.55 billion XRP was considered spendable, while 41.9 billion was held in escrow wallets.
By the end of the Q3, on September 30, the total XRP holding had decreased slightly to 46.5 billion. The available balance dropped to 5.25 billion XRP, indicating that Ripple sold 293 million XRP from its available balance during Q3.
Remarkably, the escrow also saw a drop from 41.9 billion on June 30 to 41.3 billion on September 30. That’s a difference of 600 million XRP in the escrow during Q3. So, in the third quarter alone, Ripple let go of about 892 million XRP.
XRP Holds 5% of Trade Volume in US Exchange
Additionally, the report delves into the trading dynamics of XRP during the same period. It reveals that approximately 60% of XRP’s trading volume occurred on Binance, the world’s largest exchange.
Furthermore, the report disclosed that nearly 5% of all XRP trading volume happened on U.S. exchanges. Eventually, this happened after some U.S. exchanges started letting people trade XRP again on July 13. Because of this, more people in the U.S. were able to get XRP.
Ripple also pointed out that an increasing amount of XRP trading is taking place with stablecoins instead of fiat currencies. A lot of exchanges now let you trade XRP for USDT, one of those stablecoins.