XRP News: Ripple’s Q3 Report Reveals 5% Drop in XRP Holdings – Here’s Why

Published by

Vignesh S G

November 2, 2024

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Ripple is locked in a high-stakes legal battle with the U.S. Securities and Exchange Commission (SEC). Despite this, Ripple’s Q3 report has sparked lively discussions in the crypto community, especially regarding changes in XRP holdings and market activity.

Let’s break down the key details!

Ripple’s XRP Holdings and Escrow Reserve Drop

The report focuses on two significant updates: a decrease in Ripple’s XRP holdings and a reduction in its escrow reserve. Ripple’s XRP holdings fell by roughly 5.24% during Q3, bringing the total down to 4.43 billion XRP.

Additionally, Ripple’s escrow reserve, which helps control the supply of XRP, decreased by about 1.5%, dropping from 39.5 billion XRP to 38.9 billion XRP. To provide context, this reserve held nearly 55 billion XRP back in 2017.

Trading Volumes Spike

The report also highlights a rise in XRP trading volumes, pointing to increased market activity and investor interest.

On July 1, XRP traded at 0.00000737 BTC. By mid-July, it climbed to a peak of 0.00000976 BTC and further increased to 0.00001088 BTC in early August. However, by the end of September, it slipped back to 0.00000966 BTC, achieving a 31.07% growth in the XRP/BTC pairing for the quarter.

Notably, while XRP’s BTC pairing grew, Bitcoin’s overall market dominance also rose during this period.

XRP Price Analysis & Predictions

In the past month, XRP’s price has seen a 3.9% decline. Starting at $0.6114 on October 1, it dropped to a low of $0.5219 by October 3. From October 4 to October 24, XRP’s price fluctuated between $0.5482 and $0.5216.

On October 25, XRP dipped further to $0.5021. Since then, it has struggled to recover, now sitting around $0.5129, just shy of the critical $0.5319 mark. Over the last 24 hours, XRP saw a minor 0.3% drop.

Ripple’s Q3 report reveals key shifts in its XRP holdings and escrow reserve, alongside a rise in trading volumes, indicating sustained market interest despite regulatory challenges. As Ripple moves forward, the cryptocurrency community will be watching closely to see how these trends develop.

What are your thoughts on Ripple’s Q3 performance? Share your insights.

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.