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Ripple Labs reports "unclear" targets of 255 million XRP | CryptoNews



There is a difference between statements made by Ripple companies and statistics listed on the XRP blockchain. In total, they are around 255 million XRP differences. According to the chain block analysis and statistics company, CoinMetrics, when evaluating supply and containment systems, some inconsistencies are clear regarding the release of new XRP and Ripple reports about the problem.

CoinMetrics conducts this research after adding statistics and information from XRP to version 3.0 of CM Network Data Pro, making sure to know the characteristics and specificities of the block chain and transaction records. This report was published on May 16.

Investigation allowed to examine some deviations related to the total XRP circulating in the market and the process by which more XRP has been added to this number. The central element in all of this is the deposit guarantee system (escrow), premiered by Ripple in March 2017.

This tool allows you to block a number of XRP for a specified time or until certain conditions are met. Then the company announced the blocking of 55 billion XRP owned by Ripple in this security deposit, to manage the circulation of crypto currencies on the market.

We will use guarantee deposits to make 55 1 billion XRP contracts that will expire on the first day of each month, from 0 to 54 months. […] Then we will return all that are not used at the end of each month. For example, if 500 million XRP is still not spent at the end of the first month, the 500 million XRP will be placed in a new escrow account that will expire in 55 months.

Ripple

However, these numbers do not match what is recorded in the XRP block chain.

Deviations with prisoner deposits

First, "tail of prisoners" (the difference between billions of XRP released and spent) is implemented differently than advertised. Likewise, Ripple has reported a release up to 200 million fewer than reflected in the block chain.

In total, 255 million XRP, which is equivalent to more than USD 90 million according to current market prices.

While every quarter, Ripple published a report detailing the activities of its detainees, CoinMetrics explained that in 2 reports (Q3 2018 and Q1 2019), Ripple mistakenly reported the amount of XRP returned to his detention scheme. On both occasions it stopped reporting 100 million XRP, then the 200 million difference shown above.

In addition, other players (who can have a direct relationship with Ripple) also release 55 million XRP from unknown deposit addresses, which are not connected to Ripple's main deposit account.

This means that the total outstanding XRP has been changed, with the release of tokens different from the programmed one.

17 prisoner contracts have been exchanged and another 43 have been made, with a total of 17 billion XRP released from the same and 13.2 billion XRP returned to detention for a net release of 3.8 billion XRP

CoinMetrics

However, this deviation does not seem to affect the price of crypto currencies. Currently the XRP assessment has suffered, as part of a general correction that crosses the cryptoactive market.

Each XRP has a price of USD 0.37, which represents a 10.23% decline in the last 24 hours, with the main exchange market being BW.com, Upbit and ZBG, especially against the Korean Won and USDT. Cryptoactive has a volume of USD 3,550,595,297 in the last 24 hours.


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