Ripple has recently unveiled its third-quarter report on the XRP cryptocurrency, providing investors with an update on the total amount of XRP held by the company. The report aims to enhance transparency and keep coin holders informed about the current market conditions and developments related to XRP and the XRP Ledger.
Key Highlights from the Report:
1. Legal Status of XRP: Ripple has clarified that XRP is not considered a security. The company has also submitted a Form C document in response to an objection from the U.S. Securities and Exchange Commission (SEC). It is important to note that the SEC’s appeal does not pertain to the security classification of XRP.
2. Impact of SEC Proceedings: The ongoing legal pressure from the SEC, including the lawsuit against Ripple, continues to have a significant impact on the market price of XRP.
3. Growing Institutional Interest: The report indicates a noticeable uptick in institutional interest in XRP-based investment products. Firms like Bitwise, Canary, and 21Shares have filed S-1 forms to establish XRP exchange-traded funds (ETFs).
4. Grayscale’s Initiatives: Grayscale, a prominent investment firm, has introduced an XRP Trust and applied to convert an existing multi-asset fund containing XRP into an ETF.
Ripple’s XRP Holdings Overview:
Ripple has provided detailed information on its XRP holdings to uphold its commitment to transparency. The company categorizes its holdings into two groups: XRP held in wallets and XRP held in escrow on the ledger. The escrowed XRP is locked and set to be released monthly over the next 42 months, with any unused XRP returned to escrow at the end of each month.
Financial Snapshot:
– As of June 30, 2024:
Total XRP held by Ripple: 4,682,112,997
Total XRP under custody on Ledger: 39,500,000,005
– As of September 30, 2024:
Total XRP held by Ripple: 4,436,713,796
Total XRP under custody on Ledger: 38,900,000,005
Ripple occasionally transfers XRP to third parties, such as exchange-traded products (ETPs) or trusts. These transfers may result in a decrease in the amount of XRP returned to escrow in a given month.
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