Ripple Releases Third Quarter Report on XRP – Here’s the Total Amount of XRP the Company Holds
The post Ripple Releases Third Quarter Report on XRP – Here’s the Total Amount of XRP the Company Holds appeared on BitcoinEthereumNews.com.
Ripple, the company behind XRP, has released its Q3 2024 XRP Markets Report, which aims to maintain transparency and inform coin holders about current cryptocurrency market conditions as well as notable updates regarding XRP and the XRP Ledger. Important Information from the Report: XRP Legal Status: Ripple has confirmed that XRP is not classified as a security. The company also noted that it filed a Form C document in response to an objection filed by the U.S. Securities and Exchange Commission (SEC). Importantly, the SEC’s appeal does not concern XRP’s security status. Impact of SEC Proceedings: The report highlighted that ongoing pressure from the SEC, including its lawsuit against Ripple, remains a significant factor affecting the market price of XRP. Rising Institutional Interest: The report highlighted a strong upward trend in institutional interest in XRP-based investment products. In particular, firms such as Bitwise, Canary, and 21Shares have filed S-1 forms to establish XRP exchange-traded funds (ETFs). Grayscale’s Initiatives: Grayscale, a leading investment firm, has launched an XRP Trust and applied to convert an existing multi-asset fund containing XRP into an ETF. Ripple’s XRP Assets Overview: Ripple has provided detailed data on its XRP holdings as part of its commitment to transparency. The company divides its holdings into two categories: XRP held in its wallets and XRP held in escrow on the ledger. The escrowed XRP is locked and is scheduled to be released monthly for the next 42 months. Any released and unused XRP is returned to escrow at the end of each month. Financial Snapshot: As of June 30, 2024: Total XRP held by Ripple: 4,682,112,997 Total XRP under custody on Ledger: 39,500,000,005 As of September 30, 2024: Total XRP held by Ripple: 4,436,713,796 Total XRP under custody on Ledger: 38,900,000,005 Ripple has stated that it occasionally transfers XRP…
Filed under: News - @ November 3, 2024 8:50 pm