A circulating-supply figure counts the tokens a source classifies as circulating. It does not list which tokens holders have offered to sell, at what prices, or on which venue. For XRP, what can actually be bought depends on offers that are placed, funded, and visible on a specific venue at a specific moment. No published source gives a current, all-venue total of XRP offered for sale, so any figure you see should be read against its method and date.
What circulating supply measures
Circulating supply is a classification. A data provider or official body looks at the total XRP that exists, subtracts amounts it treats as locked, unissued, or held in certain reserves, and reports the remainder as circulating. Each source applies its own rules and reports as of its own date. The same token can therefore be counted differently by two sources, and a count that was accurate in one year can be stale the next.
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That classification answers “how much has been released into the supply under this definition?” It does not answer “how much is posted for sale right now?” Holding a token in a wallet does not mean its owner has offered it, and a token that is releasable is not automatically for sale.
The circulation figure in the headline, 63 billion, should be checked the same way: identify the source that produced it and the date it describes. The most recent dated figure in the public record used for this article is from a U.S. government notice, covered below.
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Four measures that get confused
Four different measures are often used as if they were one. They are not interchangeable.
| Measure | What it answers | What it does not answer |
|---|---|---|
| Circulating-supply estimate | How much XRP a source classifies as circulating, under its methodology and as of its date | How much is offered for sale now, at any venue or price |
| Escrow balance or release schedule | How much XRP is locked under escrow conditions, or scheduled to become releasable | How much released XRP will be sold, transferred, or offered |
| Exchange or DEX order book | Which offers appear on one venue at the time it is queried; on the XRP Ledger DEX, whether each offer is funded | The willingness of all holders to sell, other venues’ books, or private transactions |
| Funded sell depth at price levels | How much a displayed venue can match at those prices, based on funded offers | A guaranteed execution price, or the total supply available across the market |
The last two rows are the ones that matter for a buyer. The first two describe supply and release mechanics; they set the upper bound on what could enter the market, not what is in it.
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Escrow is a release schedule, not a sales list
Escrow is the mechanism most often cited when people ask how much XRP might reach the market. The XRP Ledger documents escrow as XRP, or fungible tokens, locked until one or more conditions are met. It describes time-based, conditional, and combined forms. This is protocol context: an escrow controls when an amount can be released, but it does not identify a buyer or establish that any sale has taken place.
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In a December 16, 2017 explanation, Ripple’s David Schwartz wrote that Ripple had placed 55 billion XRP into on-ledger escrow. He described the arrangement as providing predictability to the supply: “To provide additional predictability to the XRP supply, Ripple has locked 55 billion XRP (55% of the total possible supply) into a series of escrows.”
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The same explanation said up to one billion XRP could be released each month, and that any amount not used would be placed into a new escrow. Those are the terms as stated in 2017. They describe a maximum schedule and a mechanism for unused amounts. They do not establish how much was sold in any given month, and they should not be read as a current balance.
What a release does and does not show
- A release makes an amount eligible to move under the escrow’s conditions. It does not show that the amount was transferred to a third party.
- A transfer to a third party does not show that the recipient listed the tokens for sale.
- Unused amounts, under the 2017 description, returned to escrow rather than entering the market. That means the schedule’s maximum and the amount actually moved can differ.
XRP held by Ripple outside escrow
Ripple’s Q4 2024 XRP Markets Report separates XRP the company held in its wallets from XRP subject to on-ledger escrow. According to that report, Ripple-held XRP would not be expected to enter the broader market unless, for example, it was transferred to third parties. This distinction is useful because it shows that “not in escrow” does not automatically mean “available to buy.” The figures are from the report’s Q4 2024 period and are not a current holdings snapshot.
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What an XRP Ledger DEX offer actually is
The XRP Ledger’s decentralized exchange is where a token can be traded directly on the ledger. The protocol reference defines an Offer ledger entry as “an offer to exchange currencies in the XRP Ledger’s decentralized exchange.” The XRP Ledger’s offers documentation calls DEX trade orders Offers, and the order book is built from them.
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Funded and unfunded offers
An offer is a request to exchange, not a guarantee that the seller holds the amount. The protocol reference notes that an Offer can become unfunded, meaning the account no longer has the funds to fulfil it, while the entry remains in the ledger until a transaction encounters it. A displayed offer can therefore look like sell liquidity while being unable to deliver.
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This is why the funded status matters. The order-book guidance points readers to the taker_gets_funded field, which shows how much of an offer is currently backed. Use that field, not the headline amount, when judging how much could be bought at a given price.
A DEX book is one venue
An XRP Ledger order book shows offers placed on that decentralized exchange at the time of the query. It does not represent centralized-exchange order books, other trading venues, or private over-the-counter trades. Two traders on two venues can see different depths at the same moment, and neither view is the total market.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to check venue-level sell depth
- Name the venue and market pair you are examining, for example the XRP Ledger DEX book for XRP against a specific issued currency or against XRP itself, as the book is defined in the protocol documentation.
- Query the order book using the method described in the XRP Ledger’s offers documentation, and record the retrieval time in UTC.
- For each offer, read
taker_gets_fundedrather than the stated amount, and exclude offers with no funded balance. - Group the funded offers by price level to see how much could be matched at each price on that venue.
- Repeat the check on any other venue you care about, and do not add the results together as if they were a single market.
A figure produced this way describes one venue at one time. It is a snapshot of displayed, funded offers, not a guaranteed execution price and not the total XRP available for sale.
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| Figure | Date | Source | Qualification |
|---|---|---|---|
| 55 billion XRP placed into on-ledger escrow | December 16, 2017 | Ripple, David Schwartz’s explanation of the escrow | Original placement amount, not a current balance |
| Up to 1 billion XRP released monthly | December 16, 2017 description | Ripple’s explanation of the escrow schedule | A maximum schedule; unused amounts were to be placed into new escrow; not a measure of amounts sold |
| Approximately 62 billion XRP in circulation | 2025 notice (Federal Register, Volume 90, Number 33, February 20, 2025) | U.S. government notice citing publicly available data | A dated estimate under that notice’s data, not a live reading and not a count of tokens offered for sale |
| Ripple-held XRP outside escrow | Q4 2024 XRP Markets Report period | Ripple, Q4 2024 XRP Markets Report | Period-specific; not a current holdings figure |
| Current all-venue XRP offered for sale | Not stated | No published source found for this article | Not established; any live figure must be checked against a named venue and timestamp |
What no source gives you
No current, unified total of XRP offered for sale across all venues is published in the sources used here. Nor is there a current escrow balance. The only dated figures are the 2017 escrow terms, the Q4 2024 report period, and the 2025 circulation estimate. Each answers a narrower question than the one a buyer is asking.
If you need a live number, take it from a specific venue, record the pair, the retrieval time in UTC, and whether each offer is funded, and treat it as a snapshot of that venue alone.
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