Ripple Data API Used To Source XRP Circulating Supply is Stuck
The data has not been updated since Feb. 12.
In a tweet yesterday, Leonidas Hadjiloizou, an XRP proponent and crypto researcher, asserted that the Ripple Data API, which provides crypto exchanges and data aggregators with information about XRP’s circulating supply, is stuck again.
As highlighted by the analyst, it is a frequent happening. The data shows that XRP’s circulating supply data was last updated on Feb. 12.
The @Ripple API that exchanges use to pull XRP circulating supply is stuck for the zillionth time. Last updated on February 12th :{“date”:”2023-02-12T00:00:00Z”,”total”:”99989113908″,”distributed”:”50950912949″,”undistributed”:”5938200945″,”escrowed”:”43100000013″}]}@JoelKatz
— Leonidas (@LeoHadjiloizou) March 26, 2023
In a separate tweet, Leonidas maintains that it is not a significant problem. But he notes that failing to fix it would mean that crypto exchanges continue reporting erroneous figures.
I believe it’s Ripple. Not a big deal but someone has to fix it or exchanges will report the same circulating supply for infinity.
— Leonidas (@LeoHadjiloizou) March 26, 2023
An API- short for Application Programming Interface- refers to functions allowing users to interact with and access data from external systems.
Leonidas’ finding has prompted calls for the XRP Ledger Foundation (XRPLF) to take over the maintenance of the API, as reflected by a poll made by Hansen.xrp (@joeahan1). At the time of writing, the poll has received 271 responses, with 79% in favor of the XRPLF foundation maintaining the API.
Should exchanges receive their #XRP info from @Ripple or the @XRPLF?
— Hansen.xrp (@joeahan1) March 26, 2023
Not an Innocent Mistake?
It is worth noting that the Ripple Data API and XRP’s circulating supply are often subject to controversy. Messari, in a series of reports in 2019, alleged that Ripple’s quarterly reports and the Ripple Data API offered misleading information to “significantly understate the pace of selling pressure from Ripple and its founders and affiliates.” The first of these reports suggested that these discrepancies meant XRP’s market cap was inflated.
“Not only does this report contain several inaccurate assumptions around lockups and selling restrictions, but the entire report is also based on an incorrect calculation of market cap,” a Ripple spokesperson told Forbes in response to the initial 2019 report.
In 2017, Ripple locked up 55 billion of the 100 billion XRP supply in escrow in 1 billion token tranches for scheduled monthly sales, much to the chagrin of XRP community members. The firm has unlocked 1 billion tokens at the beginning of every month since- with a few exceptions- selling an average of about 200 million tokens while locking up the rest once more. Leonidas, in 2020 estimated that it would take Ripple about 20 years to sell off its XRP holdings.
Ripple, in recent years, has clarified that its XRP sales are restricted to customers of its On-Demand Liquidity (ODL) product, who use XRP as a bridge currency in cross-border border transactions. In October, The Crypto Basic reported that Ripple held less than 50% of XRP’s supply for the first time.
