Ripple Unveils Its Total XRP Holdings in Q1 Report
Ripple (XRP) has published its quarterly XRP Markets Report, which voluntarily provides transparency and regular updates on the company’s views on the state of crypto markets.
The report offers valuable insights into Ripple’s XRP holdings and the overall health of the XRP ecosystem.
The Q1 2024 XRP Markets Report is out now: https://t.co/rd2kKQMNvR
Notable market developments in Q1 include:
Continued U.S. demand for BTC Spot ETFs
CEX & DEX volume growth
Key regulatory & legal updates
Technical blockchain upgrades including AMM on the #XRPLedger
— Ripple (@Ripple) May 17, 2024
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Ripple’s XRP Holdings: Available and Escrowed
In the report, Ripple discloses information about its XRP holdings at the beginning and end of the quarter. The company divides its holdings into two categories: XRP currently available in its wallets and XRP subject to on-ledger escrow lockups.
Ripple does not have access to the escrowed XRP until its monthly release. Each month, Ripple demonstrates its commitment to maintaining a stable and predictable supply of XRP in the market by returning the vast majority of the released XRP back into the escrow.
As of December 31, 2023, Ripple held a total of 5,077,658,695 XRP in its wallets, while 40,700,000,005 XRP were subject to on-ledger escrow. By March 31, 2024, Ripple had reduced the total XRP held to 4,836,166,156, and the XRP subject to on-ledger escrow to 40,100,000,005.
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On-Chain Activity: Transactions Increase and Fees Decrease
The report also highlights the significant growth in on-chain activity during the last quarter. On-chain transactions increased by 108%. This growth in transactions was accompanied by a 45% decrease in the average cost per transaction, making XRP transactions more affordable and accessible to users.
Interestingly, the average transaction fee reached a high in December due to widespread testing of inscriptions on the XRP Ledger. This surge in activity demonstrates the growing interest in the XRP Ledger’s capabilities and its potential to support various use cases beyond simple transactions.
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