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In its third-quarter report for 2023, Ripple revealed a 5.24% reduction in its XRP holdings, bringing the total down to 4.43 billion tokens. Additionally, the company’s escrow reserves saw a 1.5% drop, now holding 38.9 billion XRP. The report also highlighted a notable 27% increase in the XRP/BTC trading volume, underscoring Ripple’s strategic positioning in the market despite the ongoing SEC lawsuit.
Ripple’s XRP Holdings and Market Dynamics
Ripple’s third-quarter update shows a 5.24% decrease in its XRP holdings compared to the previous quarter, as the total supply Ripple manages fell to 4.43 billion tokens. Escrowed XRP reserves also declined from 39.5 billion to 38.9 billion, down 1.5%. Ripple originally locked 55 billion XRP into escrow wallets in 2017 to control circulating supply and maintain market stability.
The report further emphasizes Ripple’s strong market activity, noting “high” trading volumes for XRP throughout the quarter. XRP’s trading volume against Bitcoin (XRP/BTC) rose by 27%, a significant development given Bitcoin’s increased market dominance during this period.
SEC Lawsuit’s Impact on XRP Price
Ripple identified the ongoing SEC lawsuit as a key factor influencing XRP prices, pointing out that regulatory uncertainty continues to affect the broader crypto market. According to Ripple, the legal dispute with the SEC has led to volatility in XRP’s valuation, a trend that may persist as the case unfolds. Currently, XRP holds the position as the seventh-largest cryptocurrency by market cap and trades at approximately $0.51, per CoinGecko data. The outcome of the SEC case is expected to have lasting implications on XRP’s market position and long-term price trajectory.
