Recently, Ripple released its third quarter report, and it contained some unexpected information. The corporation has already faced criticism for developing a blockchain that was excessively centralized. In particular, this would provide total control over the XRP in circulation.
Today’s data, however, reveals that Ripple no longer even has half of the XRP on hand. This is due to a decrease of the original 55 billion XRP, which was moved to a fiduciary account in 2017, as a result of the business model being progressively improved. Since that time, this account has been using XRP each month to advance the On-Demand Liquidity (ODL) concept.
CEO Brad Garlinghouse referred to the fact that Ripple currently owns less than 50% of XRP as a milestone. Regarding claims that the system is centralized, it was shown that just four of the more than 130 XRP Ledger (XRPL) validators globally are managed by Ripple.
“For the first time, the amount of XRP held in Ripple’s various wallets is less than 50 billion, or 50% of the total circulating supply. Critics have taken the company’s ownership of XRP as an indicator that the XRP ledger is controlled by Ripple, but it is not. The XRP ledger (XRPL) uses the Federated Byzantine Consensus to validate transactions, add new features and secure the network. This means that each validating node receives one vote, regardless of how much XRP it owns. Ripple currently operates 4 of XRPL’s more than 130 validating nodes.”
Ripple sold XRP for 310,68 million dollars in the third quarter, which is less than the 408,90 million dollars it sold in the second quarter. Less than 5% of the total volume of XRP exchanged globally was sold.
Technical standards for the pricing of ripple.
At $0.4606 -2.28 percent, Ripple is now losing ground against XRP/USD, while the weekly gain is 4.06 percent.
Yesterday, the price reached a daily high of $0.4818 before falling sharply and ending the day below the $0.4639 38.2 percent Fibo retracement. Thus, the way was made clear for the negative downturn to continue. The current emphasis is on the $0.4437 low from October 25th and the $0.4352 level of the 50% Fibo retracement.