Ripple reports XRP holdings below 50% for the first time
Ripple Lab’s XRP token holdings have dropped below 50% of the total circulating supply for the first time in the company’s history.
Ripple has faced criticism in the past by some that have raised questions over the firm’s significantly large ownership of XRP tokens, arguing that it gives the company centralized control over its XRP Ledger (XRPL).
In a Q3 report published on Oct. 27, Ripple once again refuted that criticism, while also pointing out that its XRP holdings continue to decline, falling below 50 billion tokens, or 50% of the total supply.
“Critics have pointed to the company’s XRP ownership as an indicator that the XRP Ledger is controlled by Ripple. This is not true,” Ripple stated, adding that:
The firm went on to state that it “currently operates 4 out of 130+ validator nodes on the XRPL.”
Below 50% - a huge milestone! For 10 years, Ripple has focused on using XRP & the XRPL within our products for its speed, security and scalability for movement of value. As more customers use XRP in their payments flows, it’s clear there is real utility here. https://t.co/jKZwye17uZ
Ripple disclosed in the report that its total net sales (sales minus purchases) of XRP for Q3 was down to $310.68 million compared to $408.9 million in Q2.
“Ripple has continued to sell XRP only in connection with ODL transactions, and ODL volumes have ramped up as Ripple’s ODL [On-Demand Liquidity] business expanded globally,” the report reads.
One of Ripple’s key business offerings is its cross-border payments service ODL, and the company outlined that it continued to expand the product in Q3 via a partnership with forex firm Travelex to facilitate transactions between Brazil and Mexico.
Related: Ripple’s lead engineer to exit after nearly a
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