A study of 64 cryptocurrency exchanges found that only about 225 million XRP was listed for sale at prices from the current market level up to $5, according to an analysis reported by Coinpedia. The research covered 171 trading pairs, including XRP/USD, stablecoins, euros, and other currencies, and highlighted a gap between the XRP held on exchanges and the amount actually offered for sale.
Exchange Balances vs. Sell Orders
The analysis estimated that around 35 million XRP was listed for sale within 2% above the market price, while buy orders for about 44 million XRP were placed within 2% below the price. Across all exchanges, approximately 225 million XRP was listed for sale up to $5. On selected major exchanges, the figure was around 100 million XRP.
Binance held around 2.6 billion XRP in its wallets, but only 2.8 million XRP was listed for sale within 2% of the market price. The difference is that exchange wallets hold tokens belonging to customers who may not want to sell; only tokens that traders have offered for sale appear in the exchange’s listed orders. These figures reflect the orders visible when the research was conducted, and the amount available can change as traders add or remove sell orders.
Potential Impact of Large Purchases
If a large investor buys more XRP than sellers have offered at current prices, the buyer may have to pay higher prices to purchase the remaining tokens. The researcher used a hypothetical $1 billion purchase to illustrate this possibility. Based on the study’s figures, such a purchase could buy all the XRP listed for sale up to $5. However, this does not mean XRP will reach $5, as the number of sellers and available tokens can change.
Large investors may also buy XRP through private deals rather than directly through exchanges, helping them purchase large amounts without placing all their orders on public markets.
Transfers Linked to Arthur Britto
According to wallets linked to Arthur Britto, one of the architects of the XRP Ledger, XRPScan labels 12 wallets associated with Britto that collectively hold around 1 billion XRP. The researcher highlighted an 80 million XRP transfer in November 2024, followed by transfers through wallets reportedly funded by Ripple before the tokens reached Bitstamp.
Some of these tokens could be connected to Ripple’s On-Demand Liquidity service, which uses XRP to facilitate cross-border payments. However, the transfers do not confirm that the tokens were used for payments or sold. Public blockchain records show where tokens move, but they do not always reveal why the transfers occurred or what happened after the tokens reached an exchange.
Supply, Demand, and XRP Value
Ripple CEO Brad Garlinghouse has linked XRP’s value to supply and demand, saying: “Price is very simple. Supply demand.” Garlinghouse has also highlighted the role of liquidity and the use of XRP in payments. Greater use by financial institutions could increase demand, but the effect on price would depend on how much XRP they need and how the market responds.
XRP has a maximum supply of 100 billion tokens. However, the amount available for sale depends on how many holders are willing to sell at a given price. Evernorth reported holdings of around 473 million XRP. Tokens held by large investors or treasuries may remain outside the market for a period, but their impact on available supply depends on whether those holders decide to sell or use them.
The study shows that the amount of XRP listed for sale can be much smaller than the total held on exchanges. Whether this leads to higher prices will depend on future buying demand and how many holders are willing to sell.
