Ripple Lab’s XRP Token Holding Drops Below 50% of Total Circulating Supply For the first time in the company’s history
Ripple has to facecriticismIn the past, from some people who questioned the ownership of large XRP tokens significantly. It claims that this gives the company a centralized control over XRP Ledger (XRPL).
in the reportQ3 published Oct. 27, Ripple pointed out that XRP holdings continued to decline. It dropped below 50 billion tokens, or 50% of the total supply.
“Critics always attack XRP as being controlled by Ripple and now this is no longer true,” Ripple said.
“XRP Ledger (XRPL) uses the Federated Byzantine Consensus to validate transactions, add new features, and secure the network. This means that each validator node has one vote regardless of how many XRP they own.”
The company continues, “Currently there are validator nodes 4 out of 130+ nodes on XRPL.”
Ripple also revealed in a report that XRP’s total net sales for Q3 fell to $310.68 million, compared to $408.9 million in Q2.
“Ripple continues to sell XRP only in connection with ODL transactions and ODL volumes are increasing due to the ODL business. [On-Demand Liquidity] Ripple is expanding globally,” the report states.
Ripple also commented on a protracted legal dispute with the U.S. Securities and Exchange Commission (SEC) following a big win over the William Hinman papers earlier this month.
“The SEC continues to deliberately create ambiguity. Instead of giving clear instructions and use that ambiguity to enforce and deter crypto innovation in the United States.”
“In terms of the next step In November, the SEC and Ripple will file a summary and then wait for the judge’s decision,” the report added.
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