Undated XRP Order-Book Snapshot Put 225 Million Tokens for Sale Up to $5
An analysis of 64 crypto exchanges found around 225 million XRP in sell orders priced from the prevailing market level up to $5. Only around 35 million XRP was listed within 2% of the market price, and the analysis does not say when the data was collected.
- Around 44 million XRP in buy orders sat within 2% below the market price.
- Exchange-associated wallet balances do not show how much XRP is listed for sale.
- The figures cover 171 trading pairs, but the reference price and aggregation method are undisclosed.
- These were resting orders, not completed trades or guaranteed liquidity.
What the XRP order-book figures show
The analysis covered 171 trading pairs across 64 exchanges, including markets denominated in U.S. dollars, stablecoins, euros and other currencies. It reported around 225 million XRP in sell orders priced from the prevailing market level up to $5.
That total does not mean 225 million XRP was available close to the market price. Around 35 million XRP was listed within 2% above it, while buyers had placed orders for around 44 million XRP within 2% below it. These figures show visible offers and bids within a particular price range. They do not represent every token held by exchanges or the full supply holders might sell.
An order book records traders’ current offers to buy and sell. Those orders can be canceled or changed, and they are not completed trades. An exchange-associated wallet balance is a different measure. It shows XRP held at that address, but not who beneficially owns the tokens or whether anyone plans to sell them.
Binance illustrates the difference. The analysis cited around 2.6 billion XRP in Binance-associated wallets, compared with 2.8 million XRP listed for sale within 2% of the market price. The wallet balance does not show how much XRP is available to buy at that price.
How much could a large buyer move the market?
A buyer using public markets can take the lowest-priced sell orders first. If those offers run out, the buyer may have to accept higher prices, wait for more sellers or use another route. The impact depends on which orders are actually available when the trade happens.
The researcher behind the analysis used a hypothetical $1 billion purchase to argue that it could buy all XRP listed for sale up to $5. But the analysis gives no collection date and lacks enough detail to assess the calculation, including how it added up prices across different currencies and exchanges. A token count alone does not establish the cost of buying them, and orders could disappear before a trade is executed.
The hypothetical does not show that a buyer is preparing to make such a purchase, that all the listed orders would remain available or that XRP will reach $5. Large transactions can also be arranged privately instead of sweeping public order books. Exchange data may not reveal the terms or market effects of a private deal.
The analysis does not say when it gathered the figures or explain how it chose a reference price, converted non-dollar markets or combined orders across venues. Treat the results as an undated snapshot, not a current or independently verified measure of XRP liquidity.
Supply is not the same as liquidity
XRP has a maximum supply of 100 billion tokens. That limit does not tell a buyer how many tokens are available at a particular price. The practical question is how much holders are willing to sell, in which markets and at what prices.
Payment activity may also matter, but the exchange-order figures do not show how much XRP institutions require for payment flows or whether that use would create sustained demand. Supply, demand and liquidity are connected, but none can be inferred from a wallet balance or a single order-book snapshot alone.
What XRP wallet movements can and cannot show
XRPScan labels 12 wallets as associated with Arthur Britto, described as an architect of the XRP Ledger. The analysis said those wallets collectively held around 1 billion XRP. These labels are reported attributions, not proof of who controls the wallets or what they plan to do with the tokens.
The researcher also highlighted an 80 million XRP transfer in November 2024, followed by movements through wallets reportedly funded by Ripple before the tokens reached Bitstamp. The available details do not establish the purpose of the transfers or independently confirm the reported wallet funding.
The tokens may have been connected to Ripple’s On-Demand Liquidity (ODL) service, which uses XRP to facilitate cross-border payments. But a transfer to Bitstamp does not prove the XRP was sold, used for payments or moved for a particular reason. Public ledger data records transactions, not intent.
Evernorth has reported holdings of around 473 million XRP. As with other large balances, that figure alone does not show whether the tokens will be held, sold or used.
Key questions about XRP’s listed supply
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How much XRP was listed for sale up to $5?
Around 225 million XRP across the exchanges and trading pairs covered. The collection date is undisclosed, so the figure should not be treated as current.
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How much was listed near the market price?
Around 35 million XRP was offered within 2% above the market price, while buyers had placed orders for around 44 million XRP within 2% below it. These were resting orders, not completed trades.
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Do exchange-associated wallet balances show how much XRP is for sale?
No. A wallet balance shows XRP held at an address associated with an exchange, not how much is listed for sale or who owns it.
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Does the $1 billion hypothetical mean XRP will reach $5?
No. It was a scenario presented by the researcher, but the calculation and assumptions are not detailed enough to verify. It is not a price forecast.
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Do transfers involving wallets linked to Britto prove XRP was sold or used for payments?
No. The reported movements do not establish who controlled the wallets, whether the tokens were sold or used for payments, or why they were transferred.
The figures highlight the gap between XRP held at exchange-associated addresses and XRP actively offered for sale. But an undated snapshot with an undisclosed methodology cannot establish a current supply shock or support confident price predictions.