Glassnode: Ripple Has Issued 3.4B XRP or 5.6% of XRP’s Circulating Supply in 12 Months

A recent Glassnode report found that Ripple has released or “issued” about 5.6% of the circulating XRP supply in the last 12 months.

The XRPL architects launched XRP with a pre-mine of its entire supply. However, after gifting a sizable amount of the supply to Ripple, the firm locked up most of its allocations, and a recent Glassnode report claims over 3 billion tokens entered the market over the past year.

Specifically, Cryptovizart, Glassnode’s pseudonymous lead analyst, revealed that Ripple has released or “issued” about 3.4 billion XRP tokens since December 2024. He shared an accompanying chart which details the rate at which XRP tokens entered the circulating supply since April 2021.

Ripple Has Released 3.4B XRP Since December 2024

Data from the chart shows that from April to August 2021, the “issuance” rate remained relatively flat despite a gradual uptick observed within this period. However, a spike emerged in Q4 2021, which continued until early 2022. Notably, another spike in issuance emerged in Q4 2023, with Ripple maintaining the momentum until November 2024.

Interestingly, from December 2024, the issuance rate saw a more considerable increase. This surge came on the back of the November 2024 rally, which saw XRP break above the $1 and push toward the $2 mark. By January 2025, XRP had also recovered the $3 price. 

Amid the spike in issuance rate, the total cumulative tokens released hit the current figure of around 18 billion. According to the disclosure, of this cumulative 18 billion figure, Ripple released 3.4 billion XRP worth about $8 billion from December 2024 to date. 

Specifically, the 3.4 billion XRP represents 5.6% of XRP’s circulating supply of 60 billion tokens, while the $8 billion represents 42% of all XRP released in dollar terms. 

For context, the Ripple escrow system often releases 1 billion XRP tokens each month, which should add up to 12 billion tokens over a year. However, the firm typically locks up 700 million to 800 million XRP each month. They then leverage the 200 million to 300 million tokens for funding purposes.

Spike in XRP Profit-Taking Volume

The recent disclosure from Cryptovizart follows an official report five days ago in which Glassnode confirmed that profit realization around XRP had spiked. According to the analytics platform, profit realization spiked to $800 million per day in December 2024 before dropping below $100 million from April to July 2025.

Unlike previous profit realization waves that aligned with rallies, since late September, as XRP fell from $3.09 (~25%) to $2.30, profit realization volume (7D-SMA) surged by ~240%, from $65M/day to $220M/day.

This divergence underscores distribution into weakness, not strength.… https://t.co/PUURD4knVZ pic.twitter.com/jMWj3mF0Td

— glassnode (@glassnode) November 8, 2025

Another spike occurred in late July 2025, as XRP soared to a new all-time high around $3.66, but this spike was also short-lived. Glassnode reported that a gradual increase had now emerged, with profit-taking volume growing from $65 million per day in late September to $220 million now. This has contributed to XRP’s price struggles.