Record XRP Score Never Seen Before
This is the very first time in the whole course of the company's existence that it has ever held such a record. According to Brad Garlinghouse, the CEO of Ripple, the recent discovery marks a significant milestone for the company. He went on to say that it is now abundantly evident that the XRP cryptocurrency has practical utility.
Over the course of several years, the XRP coin has been the target of several criticisms from a variety of sources. This transpired as a direct consequence of the purported centralization of the regulating system. It also stemmed from the undeniable fact that Ripple owned and controlled the majority of its own token supply on the market, which was another contributing factor.
In the middle of December 2021, a significant new development took place. Ripple has placed around 55 billion of its XRP tokens in a number of wallets that are being held in escrow by the company. The rationale that was put out was that because it wants to maintain the stability of its token price, 1 billion XRP will be released every month.
In its most recent report, Ripple stated that it operates only four of the 130 validations nodes that are present on its XRP Ledger. Claims that it operates a centralized token system were thus refuted by this action.
Impact on a More Extensive Market?
According to reports that have circulated in the media up until this point, Ripple's sales during the second quarter totaled $408 million. The report for the company's third quarter reveals that the company's total sales dropped during that time period. During that time period, XRP's revenue from sales reached a low of $310.68 million.
Ripple has asserted that it will only sell its tokens in conjunction with on-demand liquidity products from this point forward. The token is utilized by the on-demand liquidity system in order to seamlessly bridge the gap between two different fiat currencies.
Since 2019, Ripple has not been involved in any kind of sales that could be considered problematic. During the course of the third quarter, the total sales were accountable for 0.42% of all XRP that was in circulation.
The most recent development involving XRP may not be all that disassociated from the general development of the cryptocurrency market. In recent times, traders' activities have increased across a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. This is because of concerns about an imminent economic downturn and the massive movement toward more stable markets.Bitcoin and Ethereum have been at the forefront of the recovery of the cryptocurrency market. Whale activities in particular have been given a new lease on life.
