Ripple reported selling more than 841 million XRP in Q1 2024. This major transfer reduced its holdings to 44.9 billion, with 40 billion tokens currently in escrow. The firm’s recent XRP market quarterly report revealed these figures and highlighted several key developments.
According to the report, Ripple’s XRP holdings fell from 45.78 billion on December 31, 2023, to 44.94 billion by March 31, 2024. This marks the first time Ripple’s holdings have fallen below 45% of XRP’s total supply. The sale of 841.5 million XRP, valued at $440.6 million at the current price of $0.5236 per token, represents a 16% decrease from the previous quarter’s sales of 1.006 billion XRP.
As of March 31, Ripple held 40.1 billion XRP in 12 escrow wallets. These assets are locked and subject to monthly escrow releases. Recent data from XRPL explorer XRPScan indicates that this escrow balance has further decreased to 39.7 billion XRP following the sale of an additional 400 million tokens in April and May.
The quarterly report also revealed that Ripple’s spendable XRP balance stands at 4.84 billion tokens, down by 237 million from the previous quarter. This reduction aligns with the company’s strategy of continuously decreasing its XRP holdings.
Ripple’s continued sales have raised concerns from some market participants, who fear that they will limit the market performance of XRP. Nevertheless, Ripple’s chief architect, David Schwartz, has yet to be convinced of the concerns. He stressed sales as the option that decreased the company’s XRP holdings, arguing that burning the tokens was not the way as it cost price positively, referring to the case for Stellar.
In addition to financial figures, the report gave a summary of the rise in transaction activity on the XRP ledger and the launch of XLS-30, which introduced an automated market maker (AMM). These innovations demonstrate Ripple’s desire to get the XRP ecosystem to a higher level.
As of press time, XRP is trading at $0.5240, up 0.80% in the past 24 hours. XRP has been exhibiting a bullish outlook, as the weekly and monthly charts display surges of 4% and 7%, respectively. The market capitalization is $28 billion, while the trading volume stands at $799 million.
