Ripple (XRP) News: XRP Holdings Fell 5.24% in Q3; Escrow Reserve Now at 38.9 Billion. XRP/BTC Ratio Grew 31%, Showing Strong Market Activity.
- Susan SarandonOriginal
- 2024-11-02 18:34:35750browse
Ripple is currently engaged in a tough legal battle against the United States Securities and Exchange Commission. Certain important network developments, revealed by its Q3 Report, have triggered discussions within the cryptocurrency community.
Ripple's Q3 Report: XRP Holdings Fell, Escrow Reserve Now at 38.9 Billion
Ripple's XRP holdings decreased by 5.24% in Q3, according to its recent report. The cryptocurrency's escrow reserve also saw a slight decrease, shrinking from 39.5 billion XRP to 38.9 billion XRP.
The report highlights that Ripple's XRP holdings fell to 4.43 billion XRP during the third quarter. This marks a decrease of 243 million XRP compared to the previous quarter, where Ripple held 4.67 billion XRP. The total XRP supply is 100 billion, out of which Ripple initially put 55 billion XRP in escrow.
However, over the years, a portion of this escrowed XRP has been released into the market through secondary sales or other channels. As of now, Ripple's remaining escrow holdings stand at 38.9 billion XRP.
Increased Trading Volume and XRP/BTC Ratio Growth
During the third quarter, XRP experienced increased trading volumes, according to the report. The price of XRP was 0.00000737 BTC on July 1. It reached a peak of 0.00000976 BTC by mid-July.
The price further increased to 0.00001088 BTC in early August. It dropped to 0.00000966 BTC on the last day of September. The XRP/BTC market achieved 31.07% growth in Q3.
The report also noted an increase in the XRP/BTC ratio during Q3 and a rise in Bitcoin's dominance during the period.
XRP's Current Market Status
The price of XRP has decreased by 3.9% over the last 30 days. It was $0.6114 on October 1. The cryptocurrency plummeted to a low of $0.5219 on October 3.
The XRP market then ranged between $0.5482 and $0.5216 from October 4 to October 24. The market fell below this range on October 25, reaching a low of $0.5021.
The market has yet to recover from the October 25 drop. With a price of $0.5129, the market is having trouble breaking above the crucial range of $0.5319. In the last 24 hours, the market has seen a drop of 0.3%.
In conclusion, Ripple's Q3 report indicates a shift in XRP holdings and rising trading interest. Stay connected to Coinpedia for the latest updates on the Ripple market.
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