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 yr), Ripple held 5,506,585,918 XRP and an extra 42,800,000,013 XRP topic to on-ledger escrow.
Meanwhile, as of June 30, 2023 (representing the second quarter of the yr), the corporate held 5,551,119,094 XRP, and an extra 41,900,000,005 XRP have 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. However, its XRP tokens in escrow on the finish of Q2 barely decreased in comparison with the Q1 determine.
XRP worth nonetheless holding $0.69 | Source: XRPUSD on Tradingview.com
Ripple Addresses Popular Misconceptions
Ripple additionally addressed some misconceptions from the current courtroom ruling that XRP isn’t a safety. On July 13, 2023, Judge Analisa Torres dominated in favor of Ripple within the ongoing case between the crypto firm and the United States Securities and Exchange Commission (SEC).
The first 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 said that the ruling was an enormous win for its agency and the crypto trade because it supplies regularity readability not just for Ripple but in addition to different token issuers, as they’ll now decide that their tokens, out and in of themselves, will not be securities.
The firm additionally said within the report that its XRP tokens have been by no means a safety. It admitted that there are cases the place XRP (similar to “an orange grove or a gold bar”) may be offered as an funding contract. However, such occasions don’t “magically transform” the token right into a safety.
Ripple’s XRP loved a big rally following the courtroom’s ruling, however there stay considerations that an enchantment from the SEC may see the token lose most of its beneficial properties from the post-lawsuit rally. As of the time of writing, XRP is buying and selling at $0.69, in keeping with information from CoinGeko.
Featured picture from iStock, chart from Tradingview.com
