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



There are disagreements between Ripple's statements and statistics registered in the XRP Blocks. In total, they are about 255 million XRP difference. According to the block analysis and statistics company, CoinMetrics, in assessing the supply program and the detention system, several ambiguities are evident regarding the release of new XRPs and Ripple reports on the subject.

CoinMetrics conducted this research after adding statistics and information from XRP to version 3.0 of CM Network Data Pro, ensuring that they know the features and peculiarities of its block chain and the record of its transactions. The report was released on May 16.

The investigation allowed to check several irregularities associated with the total circulating XRP on the market and the process through which more XRP was added to this figure. A central element in all this is a guarantee deposit system (escrow), premiered by Ripple in March 2017.

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

We will use the guarantee deposit to establish 55 1 XRP contracts that will expire on the first day of each month, from 0 to 54. […] Then we will return everything that is not used at the end of each month. For example, if the 500 million XRP remains unused at the end of the first month, those 500 million XRPs will be placed in a new saving account that expires in month 55.

Ripple

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

Irregularities with deposit deposits

Firstly, the "detention tail" (the difference between the released XRP billion and the consumed) is carried out differently than it is advertised. Also, Ripple announced the release of up to 200 million less than what is reflected in the block-chain.

A total of 255 million XRP, equivalent to more than $ 90 million at current market prices.

While every quarter of Ripple is publishing a report detailing its pre-trial activity, CoinMetrics explained that in 2 reports (Q3 2018 and Q1 2019), Ripple reportedly wrongly reported the amount of XRP that returned to its security scheme. On both occasions, it stopped reporting about 100 million XRP, hence the difference of 200 million is shown above.

In addition, other players (who could have a direct connection with Ripple) also reported 55 million XRPs from an unknown deposit address, which is not linked to the Ripple main deposit account.

This means that the circulating amount of XRP has changed, with the release of tokens different from the programmed.

17 guardianship agreements are exchanged, and another 43 were created, for a total of 17 billion XRP released, and 13.2 billion XRP returned to custody for a net release of 3.8 billion XRP

CoinMetrics

However, these irregularities seem to have not particularly affected the price of cryptivalability. At present, the XRP assessment has undergone, as part of the general correction that crosses the cryptoactive market.

Each XRP has a price of $ 0.37, a drop of 10.23% in the last 24 hours, and the major stock markets are BW.com, Upbit and ZBG, mainly against Korean Won and USDT. The cryptoatom had a volume of US $ 3,550,595,297 in the last 24 hours.


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