Updated on January 25, 2023 08:51 PM
Ripple publishes the quarterly XRP Markets Report to provide transparency and regular updates on the company’s views on the state of crypto markets.
By the Company's quarterly report, Ripple Lab's holdings of the XRP cryptocurrency have fallen below 50% of the entire circulating supply. In addition to the Company's quarterly XRP sales, relevant XRP-related announcements, and other market developments, the report offers the Company's assessment of the state of the cryptocurrency markets.
"Across Ripple's various wallets, the amount of XRP held, for the first time, is below 50Bn or 50% of the total outstanding supply," the firm says.
Ripple has been under fire for claims that it holds authority over XRP Ledger. The accusations are related to the firm's proportionately substantial XRP holdings. By making its community and the greater cryptocurrency community visible, Ripple Labs is attempting to clarify its views.
Pushing all the allegations back, the Company stated,
"The XRP Ledger (XRPL) uses Federated Byzantine Consensus to validate transactions, add new features, and secure the network, which means that each validator node gets one vote regardless of how much XRP they own. Ripple currently operates 4 out of 130+ validator nodes on the XRPL."
The San Francisco-based Company also said that its total net XRP sales for the third quarter fell to $310.68 million from $408.9 million in the second quarter.
When writing this article, Ripple's native token, "XRP," is trading at $0.48. The price sharpened at $0.53 on 9 Oct 2022, and since then, it has been consolidating in the $0.45-$0.48 region.
Also, the transaction volume has decreased. This week XRP saw the lowest transaction activity in the network compared to previous weeks.
According to CoinMarketCap, the price of XRP has dropped 2.4% over the past day and is currently $0.47 due to the continuing SEC vs. Ripple lawsuit. However, it has increased by 3.7% compared to the previous week.
The macroeconomic environment remained highly volatile in Q3 due to various geopolitical and economic developments, such as the Russian-Ukrainian War's ongoing escalation and the Eurozone's and U.K. economies' deteriorating conditions. Additionally, the U.S. Federal Reserve took what some consider a harsh stance toward bringing down prices due to the country's persistent headline inflation and strong labor market.