Ripple, the company behind XRP, recently shared its Q3 2023 report, offering insights into the XRP market. According to the report, they sold over 892 million XRP tokens in the third quarter.
Keep in mind, out of the 46.5 billion XRP they hold, 41.3 billion are locked in escrow. Read more below!
Ripple divides its XRP into two groups. The first consists of XRP in their corporate accounts, used for business operations. The second includes XRP locked in escrow wallets, which they can access over time, with 1 billion tokens becoming available each month.
Q2 vs. Q3 XRP Holdings
In Q2, as of June 30, Ripple held a total of 47.45 billion XRP. Out of this, 5.55 billion XRP was available, while 41.9 billion XRP was in escrow.
By the end of Q3, on September 30, their total XRP holding had slightly dropped to 46.5 billion. The available balance reduced to 5.25 billion XRP, indicating that they sold 293 million XRP from their available balance during Q3.
The escrow holdings also saw a decrease from 41.9 billion on June 30 to 41.3 billion on September 30, which means they let go of about 892 million XRP during Q3.
The report also sheds light on XRP’s trading patterns during this period. About 60% of XRP trading volume took place on Binance, the world’s largest exchange.
The report also reveals that nearly 5% of XRP trading volume happened on U.S. exchanges. This increase followed the resumption of XRP trading on some U.S. exchanges on July 13, making XRP more accessible to people in the U.S.
Ripple also noted a trend in XRP trading, where more people are using stablecoins instead of traditional currencies. Many exchanges now allow you to trade XRP for USDT, one of the widely used stablecoins.
Also Read: Why BTC, XRP, And QUBE Are The New Crypto Holy Grail
Do you think Ripple will unlock more XRP from escrow in Q4? Tell us!
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