For over a decade, Ripple and its executives have been steadily dumping XRP into the open market. Because XRP was fully created at launch, every token sold came from a known and finite supply. By comparing the original allocations from 2012 with current on-chain holdings, it is now possible to calculate how much XRP Ripple and its executives have offloaded so far. 

How XRP Was Allocated And Where The Tokens Went

XRP was launched in 2012 with a fixed supply of 100 billion XRP, all created at once on the XRP Ledger. There has never been mining, staking, or inflation. Of that total supply, 80 billion XRP were transferred to the company that later became Ripple, while the remaining 20 billion XRP were allocated to founders and early insiders. The core individuals involved at launch were Jed McCaleb, Arthur Britto, and David Schwartz.

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More than a decade later, the remaining holdings of Ripple and its executives provide a clear benchmark for calculating how much XRP has been sold. Combined, Ripple and named executives currently control about 41.485 billion XRP. Ripple itself holds approximately 37.685 billion XRP, split between 3.5 billion XRP in wallets that can be accessed directly and 34.185 billion XRP locked in escrow. 

Among executives, Chris Larsen, Ripple’s chairman, holds about 2.5 billion XRP across eight wallets, while Arthur Britto controls roughly 1.3 billion XRP spread across seven wallets. David Schwartz, despite being a co-founder, holds a significantly smaller amount, peaking historically at around 26 million XRP, far below the multi-billion-token balances of other insiders.

When current holdings are subtracted from the original allocations, the numbers indicate that Ripple and its executives have sold or distributed approximately 58.515 billion XRP since 2012.

What Those Sales Mean In Price And Market Terms

The scale of these sales often raises concerns about long-term price pressure, but timing is critical. XRP’s earliest recorded market price was approximately $0.00587 in August 2013. Today, it trades near $1.88, reflecting a remarkable increase of roughly 31,756% over that period.

These gains unfolded even as billions of XRP entered circulation gradually rather than in sudden waves. In 2017, Ripple implemented an escrow system that locked up 55 billion XRP, allowing up to 1 billion XRP to be released each month. Any unused portion is returned to escrow, effectively limiting unexpected supply shocks. As of 2026, 34.185 billion XRP remain locked under this system.

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Cumulatively, the 58.515 billion XRP sold over 13 years would be valued at approximately $109 billion at today’s prices. These sales occurred alongside ongoing ecosystem development, legal challenges, and multiple market cycles, highlighting that distribution happened in a managed, phased manner.

Overall, while Ripple and its executives have distributed a significant portion of their holdings, the careful, escrow-managed approach over more than a decade coincided with sustained price appreciation. This suggests that strategic, phased selling has not undermined XRP’s long-term market growth.

Featured image created with Dall.E, chart from Tradingview.com

Executives from VanEck and Coinbase are raising alarms over the U.S. Securities and Exchange Commission’s (SEC) handling of spot Bitcoin ETFs. They pointed to increased borrowing costs as a direct consequence of the regulatory framework. According to these industry leaders, the SEC’s refusal to allow in-kind creation and redemption of Spot BTC ETFs has created inefficiencies. This has forced market participants to take on significant capital costs.

VanEck & Coinbase Execs On Spike In Borrowing For Bitcoin ETFs

Matthew Sigel, Head of Digital Assets Research at VanEck, a prominent player in the BTC ETF market, has been vocal about the challenges brought on by the SEC’s rules. “The SEC’s refusal to allow the in-kind creation and redemption of spot Bitcoin ETFs forces market participants to pre-fund many of their Bitcoin ETF-related transactions,” Sigel said.

Furthermore, he emphasized that this requirement has made the ETF process more capital-intensive and expensive than necessary. Sigel believes that if the SEC were to approve in-kind transactions, trading spreads would tighten. Also, the discount to net asset value (NAV) of Bitcoin ETFs would narrow, eventually benefiting investors.

Coinbase, a prominent crypto exchange, has also been navigating the challenges posed by the SEC’s framework. Matt Boyd, Coinbase’s Head of Prime Finance, highlighted the financial strain caused by the settlement mismatch between cash and Bitcoin transactions.

“Our financing costs are not particularly expensive. They are similar to emerging market financing costs. Anyone allowing a purchase prior to receiving cash is providing a loan and is getting compensated for that in some way,” Boyd explained, according to a report by Risk.Net.

The mismatch stems from the differing settlement cycles for cash and cryptocurrencies. Bitcoin transactions typically settle on the same day. However, the cash required for these trades, provided by authorized participants (APs) such as banks and high-frequency trading firms, follows a T+1 cycle. Hence, this discrepancy forces ETF managers to either pre-fund Bitcoin purchases from their own balance sheets or seek short-term loans from exchanges like Coinbase.

Also Read: Coinbase Firmly Opposes CFTC’s Proposed Ban On Prediction Markets

Calls For Broader Solutions

The SEC’s regulatory stance has had ripple effects across the industry, affecting other major players. For instance, Duncan Trenholme, TP Icap’s Global Co-Head of Digital Assets, noted the significant strain on ETF managers. “Our clients are having to manage a settlement mismatch on the physical hedging of the ETF, which is a strain on their own inventory or balance sheet,” Trenholme said.

This funding challenge is particularly evident with BlackRock’s iShares Bitcoin Trust, the world’s largest spot Bitcoin fund. The fund has attracted substantial inflows since its launch with over $19.5 billion in assets under management. The IBIT Bitcoin ETF average daily inflows have reached $144 million, with a peak of $849 million in a single day, illustrating the scale of the capital involved.

Moreover, the increasing borrowing costs and counterparty risks have led some in the industry to call for broader solutions. Rob Strebel, Head of Relationship Management at DRW, which operates the crypto trading firm Cumberland, discussed the adjustments his firm has made to cope with these challenges.

“Crypto ETFs require settlements that look like what you see in traditional finance versus spot crypto,” Strebel explained. Additionally, he noted that Cumberland has had to internalize the flow from its market-making activities to mitigate additional balance sheet costs.

Others, like Michael Lie, Flow Traders’ Global Head of Digital Assets, suggest that an industry-wide facility to support short-term borrowing could alleviate some of the pressure. “Being able to source hundreds of millions of capital is quite expensive. It’s not so easy. Market-makers need to free up the cash just for one or two days,” Lie pointed out.

Also Read: Zetachain Soars 17% As Coinbase Confirms Roadmap Listing

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Kritika Mehta

Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.