Ripple Labs CEO Brad Garlinghouse was excited with the content of the report. The Q3 report was fascinating in the sight of XRP investors. He said on his Twitter handle that the figure recorded by the company was a significant milestone.
The amount of XRP held by the company was reduced for the first time. Such reduction was not feasible in the last ten years of the firm’s operation. The company’s holding is now below the circulating supply, which amounts to 50.09 billion XRP.
Why Ripple was Severely Criticized
However, the company has been severally criticized for keeping the XRP Ledger under central control. Ripple also kept the value of the XRP token under central control too. The company has more than half of the available supply of XRP tokens was another case.
Critics have also concentrated on the monthly escrow reports and the sales of XRP. The sales of XRP on the central and secondary markets have been a serious concern for investors. The company, in its Q3 report, rejected the criticisms and referred to the XPL mechanism.
The company said, “Accusers have pointed fingers at the company’s XRP ownership. They said it indicates that Ripple directs the XRP Ledger; this is not true. The Ledger is powered by FBC and validates transactions with a reliable network”.
Each validator node receives one vote despite the amount of XRP they possess. Ripple is currently operating with only 4 Nodes out of the 130 nodes that XRPL contains. This showed a dramatic reduction in what was obtainable in the past years.
Do Ripple Buy Back XRP on the Secondary Market?
The fact that Ripple is still repurchasing XRP on the secondary market is another concern for XRP investors. The XRP purchased back will be sold to ODL businesses in the global market. This act has continued to increase the request for an XRP-based remittance platform by investors.
Ripple revealed that Brazil was the only place where LATAM had a significant market. The company went live during DL, making Ripple join forces with Travelex. This action enabled trading to begin between Brazil and Mexico.
In addition, ODL for treasury flows was unveiled by FOMO pay in Singapore and iRemit in the Philippines. The total XRP sales touched $310.68 million, a decrease from the $408.90 million recorded in the last quarter.
The report also revealed that XRP is only sold in association with ODL transactions. It debunked the rumors that XRP was sold through programmatic sales that were stopped in 2019. However, ODL volume has grown as a result of global expansion.