The XRP token’s creator, Ripple Labs Inc., has published its Q2 XRP Markets report. The company declared its XRP holdings as of June 30, 2023, and March 31, 2023 in the report. After releasing 1 billion XRP, Ripple decided to lock back 800 million of them into escrow as a way to restore trust among the cryptocurrency community.
The ownership of Ripple over the XRP held in escrow has been the subject of controversy. Mr. Huber, a crypto expert, has contributed his perspective on this issue. Explore what he has to say now.
The XRP that Ripple holds has been made public, and it can be divided into two groups: those that are kept in wallets and those that are kept in escrow. As of March 31, 2023 (Q1), the company had 42,800,000,013 XRP subject to on-ledger escrow and 5,506,585,918 XRP in wallets. By June 30, 2023 (Q2), Ripple’s XRP in its wallet increased to 5,551,119,094, but the amount of XRP in escrow on the ledger fell to 41,900,000,005.
Mr. Huber’s Insights on the Escrow and Possession Dynamics of Ripple’s XRP
In response to a customer’s claim that money in a bank vault isn’t actually in the owner’s hands, but they still own it, Mr. Huber clarified that the owner still has ownership of the money. The customer also took issue with the phrase “maintain,” which implies that Ripple doesn’t “personalise” the XRP held in escrow.
While some people may interpret this as a bizarre conspiracy theory, Mr. Huber made it clear in his response that he doesn’t think it’s implausible that Ripple won’t immediately own all of the XRP in escrow. Instead, he suggested that some of the escrowed XRP may have been “pre-sold” to other businesses or organizations through contractual arrangements.
According to Mr. Huber, this possibility is not ludicrous, and if it materializes, it may be erroneous to view the XRP in escrow as Ripple’s exclusive property.
