In the recently released Q3 2022 XRP Markets Report, it’s disclosed that the number of XRP held by Ripple, the San Francisco-based cross-border payment firm, is now below 50% of the total outstanding supply for the first time.
Reiterating the fact that XRP is not centralized, the report points out that Ripple currently operates only 4 out of the over 130 validator nodes on the XRP Ledger (XRPL).
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The report reads in part:
“Across Ripple’s various wallets, the amount of XRP held, for the first time, is below 50Bn or 50% of the total outstanding 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. The XRP Ledger (XRPL) uses Federated Byzantine Consensus to validate transactions, add new features and secure the network, which means that each validator node gets one vote regardless of how much XRP they own. Ripple currently operates 4 out of 130+ validator nodes on the XRPL.”
The report says that Q3 2022 was a strong quarter for On-Demand Liquidity (ODL) as Ripple entered new markets in a bid to give customers easy access to other utilities embedded in ODL, such as treasury and bulk payments.
It’s also worth mentioning that Ripple sealed a partnership with Travelex to launch ODL in Brazil to allow transactions between Brazil and Mexico.
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Some customers such as Singapore-based Fomo Pay and the Philippines-based iRemit also announced the use of ODL for treasury flows. This has now enabled iRemit to improve its cross-border treasury flow with greater access to liquidity and real-time settlement, the Q3 2022 XRP Markets Report stated.
The report also noted that “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.“
The operation of XRP Ledger’s interchain also expanded in the third quarter of 2022 as Poly Network integrated XRPL into its cross-chain bridging system. This represents the third-large scale bridge to add XRPL after Allbridge and Multichain.
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