Leading figures in the XRP community have noted an impending supply decline, pointing to a trend of decreasing XRP stocks on trading platforms.
Key personalities in the XRP realm are predicting an imminent supply shortage. This potential scarcity could increase XRP demand. Their prediction is based on data that indicates a consistent decline in XRP reserves on various exchanges.
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Is Xrp Reserve Dwindling?
Chad Steingraber, Creative Director at Ghostpunch Games, opined that the recent surge in XRP’s price to $50 on Gemini was due to a combination of limited supply on the platform and significant buying activity.
He proposed that a similar situation, but on a grander scale, could lead to even bigger price jumps for XRP if exchanges see a decline in supply while demand continues to soar.
Chad Steingraber wrote, “Why did Gemini spike the price of XRP to $50? It wasn’t a glitch, it was low supply vs order book buy up. This shows the true reveal… —MAGIC— They showed you their hand and the true future. Now, imagine EVERY exchange doing this AT THE SAME TIME. It’s coming…”
Why did Gemini spike the price of #XRP to $50?
It wasn’t a glitch, it was low supply vs order book buy up.
This shows the true reveal… —MAGIC—
They showed you their hand and the true future.
Now, imagine EVERY exchange doing this AT THE SAME TIME.
It’s coming… https://t.co/xZbQHq7IJG
— Chad Steingraber (@ChadSteingraber) August 13, 2023
In response to Steingraber’s assertion, Kang Space, a pseudonymous community member, shared data that showcases the XRP amounts held by top cryptocurrency exchanges as of July 2022. This data, however, faces challenges regarding its accuracy.
According to the data, Upbit — 3.3 billion XRP, Binance — 494 million XRP; Crypto.com — 205 million XRP, Uphold — 18 million XRP, and Coinbase — 10 million XRP.
Community Response
A popular XRP community member, Dig Perspectives, emphasized Kang Space’s revelation, remembering the criticism he encountered for sharing similar information.
Interestingly, Ripple has halted the XRP sales to institutions and exchanges, except its ODL partners. Leading voices in the sector suggest that non-ODL exchanges have seen a decline in their XRP stocks due to this stoppage.
Dig Perspectives posed an interesting query: “What if non-ODL exchanges run out of XRP?” He underscored that Ripple and its platform users are still purchasing XRP from these exchanges.
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Analyzing the Data
The evidence indicating a decline in XRP reserve is intriguing. However, the authenticity of Kang Space’s snapshot is under scrutiny. For instance, Binance’s recent PoR report reveals it possesses over 2.8 billion XRP as of August.
Furthermore, Uphold claims to have 2.2 billion XRP, worth more than $1.4 billion. This number was valued at $1.06 billion just a month ago. XRPScan data also shows Coinbase owning around 1.9 billion XRP in different wallets.
The figures from Kang Space’s list are considerably lower. This discrepancy has led some to wonder if Kang’s data truly reflects the XRP owned by these exchanges, especially since these platforms haven’t shared this data openly.
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