Ripple's Q1 2024 report reveals a significant decline in its XRP holdings, dropping below 45 billion tokens. The company sold 841.5 million XRP ($440.6 million), marking a 16% decrease from the previous quarter. Despite concerns, CTO David Schwartz denies that XRP's poor performance is due to these sales, comparing Ripple’s lower inflation rate to successful assets like Solana. Schwartz rejects token burning as a solution, citing the ineffective example of Stellar. Ripple’s spendable balance is now 4.84 billion XRP, down 237 million from the last quarter. The company aims to adjust its holdings to optimize asset management and adapt to market dynamics.

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