Ripple recently released its latest quarterly report on the XRP market, revealing that it sold over 892 million XRP in Q3 2023, as its current holdings hit 46.5 billion XRP, with 41.3 billion of these tokens inaccessible.
Notably, as part of its routine process, Ripple emphasized the segregation of its entire XRP holdings into two categories. The first category pertains to the XRP in the company’s corporate accounts, which serves as a readily accessible balance the firm can spend at will for operations.
However, the second category pertains to XRP tokens that the company holds in its escrow wallets. These XRP tokens in Ripple’s escrow wallets are inaccessible. The company can only gain access to them upon the escrow release, which sees 1 billion tokens unlocked every month.
This indicates that the escrow algorithm released 3 billion XRP in the third quarter of the year. However, Ripple locks back most of the tokens released monthly, as disclosed in the latest quarterly report. For instance, it locked back 800 million XRP in October and August.
Ripple Sold 892M XRP in Q3 2023
The report stressed that Ripple held a total of 47.45 billion XRP at the end of the second quarter of this year, specifically on June 30. Of this figure, the firm held 5.55 billion XRP as its spendable balance and 41.9 billion tokens in escrow wallets.
These figures have changed since June 30. Notably, the firm now held a total of 46.5 billion XRP as of Sept. 30, the end of the third quarter. Of this figure, 5.25 billion XRP represents the company’s spendable balance, down from 5.55 billion on June 30. This shows that Ripple sold 293 million XRP from its spendable balance in Q3 2023.
Additionally, of the total 46.5 billion Ripple held as of Sept. 30, the tokens in escrow wallets amounted to 41.3 billion, down from the 41.9 billion figure on June 30. Interestingly, this adjustment represents a drop of 600 million XRP tokens from July to September 2023. In total, Ripple sold 892 million XRP in Q3 2023.
Ripple’s XRP Movements in Q3
The Crypto Basic has repeatedly called attention to some of these selloffs amid multiple whale movements from Ripple. In one of the latest reports, The Crypto Basic confirmed that Ripple moved over 506 million XRP over 14 transactions from Sept. 3 to 18.
Moreover, in August, the company transferred 31 million XRP tokens to an unidentified wallet. Interestingly, XRP was recording an impressive price uptick during this transaction. Most movements saw the tokens enter the crypto exchange Bitstamp, with selloff concerns emerging.
The amount sold in the third quarter exceeds that of the previous quarter. Recall that The Crypto Basic confirmed in July that Ripple has continued to increase its XRP sales over the past few months as it looks to reduce its holdings systemically.