Ripple’s XRP Holdings Now ‘Below 50% of the Total Outstanding Supply for the First Time’
On Thursday (October 27), FinTech firm Ripple announced that its XRP holdings are now “below 50% of the total outstanding supply for the first time” and that it currently operates only 4 out of the 130+ validator nodes on the XRP Ledger (XRPL).
These statements were part of Ripple’s Q3 2022 XRP Markets Report.
Here are some other highlights from this report:
- “Balmain, the French fashion powerhouse, unveiled the Balmain Thread, its NFT project built on the XRP Ledger, in partnership with mintNFT. The Balmain Thread is the brand’s edition of “The Club”, which is mintNFT’s membership, loyalty, and rewards product. As part of this community, members will have access to in-person and virtual events, rewards, community voting privileges and more.“
- “In addition, Ripple announced the second wave of NFT creators through its Creator Fund… This cohort of recipients built tokenized use cases specifically in entertainment, media and music.“
- “Q3 2022 was a strong quarter for On-Demand Liquidity as Ripple entered new markets and customers continue to leverage ODL for use cases beyond individual payments, such as treasury and bulk payments. Notably, Ripple partnered with Travelex to launch ODL in Brazil, which will initially allow transactions between Brazil and Mexico.“
- “New and existing customers announced their use of ODL for treasury flows including FOMO Pay, a Singapore-based institutional digital payment solution provider, and long-time customer iRemit, one of the largest non-bank remittance service providers in the Philippines.“
- “Last quarter, total XRP sales by Ripple, net of purchases, were $310.68M vs. $408.90M USD the previous quarter. Ripple has continued to sell XRP only in connection with ODL transactions, and ODL volumes have ramped up as Ripple’s ODL business expanded globally.“
- “XRPL’s interchain operability expanded in Q3 as Poly Network integrated XRPL into its cross chain bridging system. This is the third large scale bridge to add XRPL after both Allbridge and Multichain integrated the XRP Ledger earlier this year.“
- “Last quarter, there were a total of 102.6M transactions on the XRP Ledger with $56B via 152.8 billion XRP in volume. The highest single-day volume on the DEX reached $4.4M.“
In a recent interview, Deborah McCrimmon, who is Vice President of Litigation and Employment at Ripple, talked about the U.S. SEC’s ongoing lawsuit against Ripple.
As you may remember, on 22 December 2020, the SEC announced that it had “filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
Ripple’s Deputy General Counsel, who joined Ripple as employee #210 (Director of Litigation) around August 2018, made her comments during an interview that was published in Modern Counsel on 17 October 2022. Below are a few highlights from that interview:
- “I learned about Ripple and all their big goals of trying to improve and build and achieve this internet of value. That resonated with me. I wanted to be a part of that.“
- “We have been litigating with the SEC on that issue since late 2020, and we believe strongly that the SEC is wrong on both the facts and the law.“
- “They are reaching far beyond the authority that was granted to them by Congress and trying to regulate a space that Congress never intended them to regulate.“
- “It’s a cutting-edge, industry-defining case. It’s going to be precedential, not just for Ripple, but for the entire crypto industry. It’s being watched by the entire industry.“
Our very own Deborah McCrimmon, VP and Deputy General Counsel here @Ripple gave insight into her experience as a litigator on the groundbreaking SEC lawsuit and how it has been the most interesting work over her 20-year career. Read the full article here: https://t.co/DttUt0e19C— Stuart Alderoty (@s_alderoty) October 18, 2022
Next month (November 16-17, 2022), Ripple is coming to London for Swell Global, which is “Ripple’s annual flagship event that brings together the world’s most influential voices across crypto, blockchain, payments, financial services and economic policy.”
Here are some of the Ripple ads that are currently placed at metro (“tube” / “underground”) stations and train stations around London (mostly in “the City of London” and “Canary Wharf” districts):
🔴 SPOTTED IN CENTRAL LONDON @Ripple advertising everywhere— CryptoBusy (@CryptoBusy) October 20, 2022
Despite the Lawsuit turbulences, Ripple is STILL full steam ahead with successfully deploying the RippleNet Network
This will only benefit $XRP in the long run
Only a matter of time until the lawsuit is settled… pic.twitter.com/EBXONOBfmE
Some people said it wasn’t real.— Jordan Harry (@jordannharryy) October 20, 2022
So I had to go see it for myself.
📸: @Ripple @ Canary Wharf, London
London today.— N1W (@No1Waffler) October 22, 2022
Greeted by @Ripple
Big things are coming! #XRP pic.twitter.com/w99121jbuj