As a seasoned crypto investor who’s seen the rise and fall of numerous digital assets, I can say that the latest report from Ripple has piqued my interest. The decreasing holdings of XRP by Ripple itself and the increasing trading volumes suggest a potential shift in strategy or market sentiment.
According to their Q3 report, the blockchain company based in San Francisco, known as Ripple, currently possesses approximately 4.43 billion of their tokens.
The amount of XRP held by Ripple has decreased by approximately 5.24% from the second quarter.
Approximately 1.5% fewer XRP tokens are now held in Ripple’s escrow reserve compared to the same time period before, reducing from about 39.5 billion to 38.9 billion tokens. Initially, Ripple had secured over half of XRP’s total supply, which is 55 billion tokens, inside their escrow wallets as early as 2017.
According to the report, the trading volume for the Ripple-related token increased significantly during the third quarter.
Remarkably, the ratio between XRP and Bitcoin saw a significant jump of around 27% during the third quarter, even as the influence of Bitcoin, as measured by its dominance index, grew stronger.
In simple terms, the analysis found that Ripple’s legal conflict with the Securities and Exchange Commission (SEC) was the primary influence on the value of the XRP coin.
Based on CoinGecko’s latest information, the seventh-largest digital currency in terms of market value currently trades at approximately $0.51.
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2024-11-01 22:56