Ripple Labs have been making headlines recently, especially since their Swell Conference at the beginning of October. The crypto company has released their quarterly market report, and everything is showing green. Combining Ripple Labs and XRP II, a Ripple subsidiary that is a registered and licensed money service business (MSB), have reported over $160 million in ripple (XRP), in transactions.
While Ripple experienced the fall with all of the other digital assets over the past year, the quarterly report shows that the token is on an upswing, currently priced at $0.40. XRP currently has $18.5 billion in circulation, the network has a market supply of 100 billion tokens, and with the current figures, the network is worth $40 billion.
The upswing may be due to Ripple locking 55 billion of their personal XRP last year, in an attempt to stabilize the market, and creating the scarcity seems to have worked in their favor.
Spaced evenly over Q3, the company released 1 billion tokens out of escrow back to the firm. After the 3 billion were released, Ripple promptly placed 2.6 billion back into new escrow accounts.
The Q3 report states:
“In Q3 2018, 3 billion XRP was again released out of escrow (1 billion each month). 2.6 billion XRP was subsequently put into new escrow contracts. […] The remaining 400 million XRP not returned to escrow is being used in a variety of ways to help support the XRP ecosystem.”
The company is trying to break the mold, developing different models to suit different aspects of the industry, from individual investors to banks utilizing their tech to transfer money cross-border. Ripple’s attempts are surrounded by the goal of being compliant with regulations. This comes with its own conflicts though as part of the crypto community believes that the company is giving too much power to the government over consumer finances, and its centralized network, while claiming that it is in fact decentralized. However, according to the report, it seems that Ripple is on the right path.