The much-awaited Q2 2024 XRP Markets Report was released by Ripple, a company known for its cryptocurrency XRP. This quarter’s report took a different approach and focused on some significant events.
Ripple’s most recent quarterly report reveals significant information about its XRP holdings and market activities, providing a comprehensive look at its current position and strategies.
Let’s analyze the company’s report for Q2 2024.
Current XRP Holdings
Ripple currently holds 4.682 billion XRP tokens in its wallets, according to the quarterly report. Plus, the company has 39.5 billion XRP tokens under on-ledger escrow lockups. Having said that, this escrow system, initiated in 2017, originally locked away 55 billion tokens, with a scheduled release of one billion tokens per month. Ripple often re-locks some of these newly released tokens as part of its ongoing strategy.
Potential Scenarios
Ripple CTO David Schwartz mentioned his two choices for dealing with XRP holding. He revealed earlier this year that the escrow tokens could potentially be burned by “blackholing” the associated accounts, although this scenario is considered unlikely. The second scenario was to try Ripple’s initial plan to distribute tokens through giveaways, but this approach became unfeasible as the XRP price increased. Instead, Ripple found that sales with Lockup and utilizing XRP to reward partners were more beneficial for Ripple, though equivalent to selling XRP.
XRP’s Standalone Performance
Moving on, XRP’s Q2 fluctuation is also highlighted in the report. Realized volatility remained above 90% for most of the period before falling to 45%. This shows that the XRP market is wild and highly unpredictable.
On-chain activity on the XRP Ledger was lower compared to the last quarter, indicating a potential shift in network usage. Despite this, Ripple continues to pursue its initiatives, including revealing the name of its stablecoin. Concurrently, the company remains engaged in its prolonged legal battle with the SEC, a critical issue for its future operations.
Giving Back To SEC!
The report also addressed some misconceptions about the court ruling. First, it clarified that the decision was not a split decision but rather a resounding win for Ripple and the crypto industry. Second, it clarified that XRP itself is never a security; however, when combined with specific promises or arrangements, it might be considered an investment contract. The court ruled that XRP, as a standalone digital token, is not a security.
Though Ripple’s Q2 reveals the company’s strong financial holdings, there are still some doubts about the XRP breakout after the resolution! Also, XRP’s supply is limited, and a wider adoption may worsen the situation. What do you think?
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed