XRP’s 63 Billion Circulating Tokens Don’t Show Buyable Supply

XRP’s circulating supply measures tokens in circulation, not the amount offered for sale. A ledger-data snapshot recorded 21.97 billion XRP in exchange-attributed wallets on Oct. 8 across 699 wallets and 24 venues. The balances included pooled customer assets and cold storage, which are not necessarily available for immediate purchase.

Order books provide a narrower measure. They record sell orders at specific prices. On Oct. 8, market-depth data showed about $2.4 million in orders within 2% of the market price for Binance’s XRP/USDT pair and about $4 million for Coinbase’s XRP/USD pair. The figures covered two trading pairs and changed when traders placed or canceled orders.

Other estimates use different supply definitions. One ledger-data breakdown counted 68.59 billion XRP outside Ripple’s escrow after burns and 31.40 billion XRP in escrow. The market-reported circulating figure of 63.09 billion XRP excludes escrow and may exclude some locked or restricted holdings. The figures cannot be added or subtracted without matching their definitions.

The exchange snapshot included about 477.4 million XRP linked to wrapped-token reserves and other funds. About 140.4 million XRP backing cbXRP, a token backed by XRP, also appeared in decentralized-finance data. Subtracting both amounts would count the same backing assets twice.

Fund disclosures identified additional holdings. Bitwise’s XRP fund held about 419.96 million XRP on Oct. 6, while Franklin’s XRPZ fund held about 295.83 million XRP on Oct. 5. The two disclosures totaled about 715.79 million XRP and covered two funds, not the full exchange-traded fund market. Retail investors cannot redeem individual fund shares for XRP. Authorized participants can redeem fund baskets for XRP or cash generated from XRP sales.

Ripple’s June 30, 2026, disclosure listed 37.656 billion XRP held by the company, including 32.6 billion in escrow. The difference, about 5.056 billion XRP, was outside escrow on that date. The disclosure does not establish how much of that amount was offered for sale on Oct. 8.

Ownership records can overlap. XRP transferred to investment vehicles may remain classified as Ripple-held until the company expects the assets to enter the broader market. Estimates of founders’ holdings and lost or inaccessible XRP also do not establish that the tokens are currently locked. Protocol escrow prevents use until its release conditions are met.

A buyable-supply estimate would require a price ceiling, a time window and data on executable exchange and over-the-counter offers. Custody categories would also need to be reconciled so each token was counted once. Circulating supply measures market scale, while sell orders identify quantities offered at particular prices.