Analysts: Falling XRP Exchange Balances Don't Guarantee a Supply Shock

• —Ripple controlled 37.66 billion XRP, or 37.7% of the 100 billion supply, as of June 30
• —32.6 billion XRP sit in on-chain escrow, leaving roughly 5.06 billion outside it
• —On October 1, 1 billion XRP was unlocked, with 700 million re-locked into escrow
• —Binance's XRP scarcity index dropped to about -0.94, the lowest since January 2025