The launch of the Ripple network dates back 10 years. But this is only the first time ever that the company has held less than 50% of the supply. This concerns more exactly the assets of XRP for the third quarter of 2022. This is one of the highlights of the quarterly report published by this crypto company!
How is the Ripple ecosystem doing?
For the sake of transparency, Ripple published on October 27 its third quarter report for this year 2022. The document does not only provide a complete summary of the Ripple (XRP) market, it also contains notes on the current development of the project as well as the sales and reserve of this ecosystem.
Precisely regarding Ripple’s reserve, the report clearly underlines it: XRP holdings today represent less than 50% of the supply. More explicitly, Ripple’s reserve shows a considerable decrease of $50 million. Unheard of in 10 years of history!
That’s not all ! The quarterly report also shows a loss of around 1.8 billion in trading volume on the NFT market. Affecting all NFT players, this downward trend is mainly explained by the decline in assets. Added to this is a significant decrease in total net sales of XRP: $310.68 million in the third quarter, compared to $408.9 million in the previous quarter.
“An important step”, says Brad Garlinghouse
Ripple’s #1 describes this huge milestone as both an important and worthwhile step. “For 10 years, Ripple has focused on using XRP and XRPL in our products for its speed, security and scalability for the movement of value. As more customers use XRP in their payment flows, it’s clear there’s real utility here. “, he said on his tweet.
It also clarifies that the XRP Ledger consensus mechanism remains reliable. Each validating node has only one vote, regardless of the amount of XRP in reserve. Knowing that Ripple only runs 4 out of more than 130 XRP validators.
Heavily criticized on the large ownership of XRP, Ripple did well to publish this quarterly Q3 report. The gradual decline in XRP holdings would indeed mean one thing: “the XRP Ledger is in no way controlled by Ripple”.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
