The post XRP News Today: Ripple’s Q2 2024 Report Reveals Shocking 4.68 Billion XRP Holdings appeared first on Coinpedia Fintech News

The Ripple community has been eagerly awaiting the Q2 2024 XRP Markets Report, and it’s finally here. This quarter, Ripple has taken a surprising new direction with its report, shifting focus to key events and developments.

Shall we dive into the details?

Ripple’s Holdings and Escrow Details

Ripple’s report reveals that the company currently holds 4.682 billion XRP tokens in its wallets. Additionally, 39.5 billion XRP tokens are locked in on-ledger escrow. This escrow system, started in 2017, originally secured 55 billion tokens, with one billion tokens released each month. Ripple often re-locks some of these tokens as part of its strategy.

Ripple CTO david schwartz

david schwartz

David Schwartz, known as JoelKatz, is an esteemed voice in the digital currency ecosystem, serving as the Chief Technology Officer at Ripple, which provides global financial institutions, businesses, governments, and developers the ability to manage, move, and tokenize value through blockchain technology. David is an expert in cryptography, software development, and computer security, especially for startups as well as rapidly growing and tiny companies, and is a native of San Francisco, California. 
 
David is among the original architects, including Arthur Britto and Jed McCaleb, who was inspired by Bitcoin to create the XRP Ledger, a decentralized open blockchain founded in 2013. Before joining Ripple, he was Chief Technical Officer at WebMaster Incorporated, a Santa Clara software developer. In addition, David has developed enterprise messaging systems and encrypted cloud storage for companies such as CNN and the National Security Agency. 

Developer/ProgrammerCrypto and Blockchain Expert

discussed two options for managing these escrow tokens. He had previously suggested that the tokens could be “blackholed” or burned by closing the associated accounts, though this is unlikely. Another idea was to distribute the tokens through giveaways, but this became impractical as XRP’s price rose.

Instead, Ripple has found that selling tokens with Lockup and using XRP to reward partners is more effective, even though this is similar to selling XRP.

Analyzing the Market

The report also highlights XRP’s market volatility for Q2. Realized volatility stayed above 90% for most of the period before dropping to 45%, showing that XRP’s market is highly volatile and unpredictable.

On-chain activity on the XRP Ledger was lower compared to the previous quarter, indicating a possible shift in how the network is used. Despite this, Ripple continues with its plans, including the launch of its stablecoin. The company remains engaged in its ongoing legal battle with the SEC, which is a key factor for its future.

Clearing Up the Misconceptions

The report addresses some misunderstandings about the court ruling. It clarifies that the decision was a clear win for Ripple and the crypto industry, not a split decision. It also states that XRP, on its own, is not considered a security. However, when combined with certain promises or agreements, it might be seen as an investment contract.

Looking Ahead: Challenges and Opportunities

Ripple’s Q2 report shows strong financial holdings, but questions about XRP’s future growth remain. With a limited supply of XRP and potential wider adoption, the situation could become more complex.

What are your thoughts on Ripple’s next steps and XRP’s future?

Also Check Out : XRP Lawsuit Update: Ripple Optimistic About Ruling in Remedies Phase of SEC Lawsuit

The post XRP News Today: Ripple’s Q2 2024 Report Reveals Shocking 4.68 Billion XRP Holdings appeared first on Coinpedia.org.