Ripple Labs Inc., the company behind the XRP token, has released its Q2 XRP Markets report, disclosing its XRP holdings as of March 31, 2023, and June 30, 2023. In an effort to regain trust within the cryptocurrency community, Ripple has decided to lock back 800 million XRP tokens into escrow after releasing 1 billion XRP.
There have been ongoing discussions about the ownership of Ripple over the XRP held in escrow. To shed light on this topic, crypto analyst Mr. Huber has shared his insights.
According to the report, Ripple’s XRP holdings can be divided into two groups: wallet-held XRPs and those locked in escrow. As of Q1 2023, the company held 5,506,585,918 XRP in wallets and had 42,800,000,013 XRP subject to on-ledger escrow. By Q2 2023, Ripple’s wallet-held XRP increased to 5,551,119,094, while the XRP in on-ledger escrow decreased to 41,900,000,005.
Mr. Huber responded to a user’s claim that funds in a bank vault aren’t physically held by the owner, yet they still have ownership. The user also criticized the use of the term ‘hold’ in relation to Ripple’s ownership of XRP in escrow.
In his response, Mr. Huber clarified that while some might consider it a crazy conspiracy theory, he believes it is not unlikely that Ripple might not directly own all the XRP in escrow. Instead, he suggests that portions of the escrowed XRP could have been “pre-sold” to other companies or institutions through contractual arrangements.
Mr. Huber argues that this possibility is not absurd, and if it holds true, it would be incorrect to consider the XRP in escrow as the exclusive property of Ripple.
These insights from Mr. Huber provide a different perspective on Ripple’s ownership dynamics and the XRP held in escrow. As the discussions continue, it will be interesting to see how Ripple addresses these concerns and rebuilds trust within the cryptocurrency community.
Disclaimer: This article is based on the opinions and insights of Mr. Huber and does not constitute financial or investment advice.
