- Ripple in its Q3 report revealed that the total supply of XRP has fallen below 50%.
- XRP currently operates 4 out of 130+ validator nodes on the XRPL.
- The remittance network also announced its partnership with Travelex to introduce ODL in Brazil.
Ripple Labs issued their third quarter report which revealed that the total supply of XRP holdings has fallen below 50%. This has been the first time in the history of Ripple. Notably, Ripple currently operates 4 out of 130+ validator nodes on the XRP Ledger (XRPL).
Brad Garlinghouse, the CEO of Ripple made an announcement about the news on Twitter:
In the past, some critics have questioned Ripple’s abnormally large holding of XRP currencies, alleging that doing so gives the company control over the XRPL. Ripple refuted the allegations by calling it false; further adding:
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.
As noted earlier, Ripple has frequently been called out for limiting the supply of its asset. Some critics stated that XRP shouldn’t be regarded as a cryptocurrency, due to its higher level of centralization.
The quarterly report stated:
Ripple has continued to sell XRP only in connection with ODL transactions, and ODL volumes have ramped up as Ripple’s ODL [On-Demand Liquidity] business expanded globally.
In related news, Ripple announced its partnership with Travelex to introduce ODL in Brazil, allowing the first trade between Brazil and Mexico. Meanwhile, some of Ripple’s existing customers, FOMO Pay and iRemit, announced their use of ODL for their daily business.
While the SEC vs. Ripple case inches closer to its final verdict, it is believed that the price of XRP would rise sharply and surpass its current record high of $3.40 if the parties reach a settlement. Investors and traders in XRP are optimistic that their previous investments in the coin won’t turn in vain.
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