- The whale accumulation, which controls almost half the current supply of XRP, threatens to restrict retail availability.
- Ripple’s escrow release system releases limited amounts of XRP each month, creating artificial scarcity.
XRP has more whale wallets than you might think. Supply data shows a fascinating concentration of whale wallets.
Recently, this phenomenon has been brought to the attention of social media by XRP enthusiast Chad Steingraber. SEC Case against Ripple As the distribution of XRP’s supply is coming to a close, it appears that XRP may soon experience a constraint in supply.
It is important to note that the word “you” means “you”. #XRP Public supply is much lower than most people think. There will never be 100Billion dollars on the market.
This will turn into a very small amount.
Prices are determined by retail trading. 👍 https://t.co/BBWpJeSljl pic.twitter.com/m8BBirjJd3
— Chad Steingraber (@ChadSteingraber) June 22, 2024
The scarcity of XRP whales has increased.
When XRP launched, 100 billion tokens were in circulation. But XRP Even with the enormous number of tokens available, it has been rare. Steingraber recently brought this interesting difference to the attention of people, noting that there is a much smaller supply than most think.
Ripple is responsible in part for XRP’s scarcity. They control the majority of its supply via an escrow method that only releases a very small amount each month. This escrow system is said to hold about 40 billion coins of XRP that are not available for the public.
A controlled supply has caused a circulating stock to be unnaturally low. The demand is far greater than the supply of XRP that’s available at exchanges. This has resulted in a very small amount of XRP being available.
Whale accumulation threatens retail availability
The whale accumulation of recent months has put XRP at risk for traders, apart from the 39 billion XRP tokens that are held in escrow.
The 55.6 billion XRP The top 10 addresses in the world control approximately 11.2 billion XRP. The top 50 addresses are also in control of 26,9 billion, which is nearly half the total supply.
For example, the top 100 Bitcoin addresses own less than 16 percent of total Bitcoin circulation. Comparing the maximum supply for both currencies, it becomes more evident. This supply-and demand imbalance creates the ideal environment for XRP to maintain control of its circulating supply.
CoinGecko shows the price of XRP at about $0.4739 As of the date this was published, 0.58% From the day before. It also shows that the stance is negative. 3.69% Drop within the past seven days
CNF had previously reported that XRP trading volume was increasing. increased 170% up to $1,035 billion. The AMM pool of the XRP Ledger contains about 10,000,000 XRP.
You may also like:
No spam, no lies, only insights. Unsubscribe anytime.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.crypto-news-flash.com