A circulating-supply figure tells you how much XRP a particular source counts as in circulation on a particular date. It does not tell you how many tokens holders have offered for sale, at what prices, or on which venue. Those are different measurements, and the sources available for this article do not add up to a current, all-venue total of XRP offered for sale.
Figures close to 63 billion appear in circulating-supply reporting. The dated government source that can be cited here is a February 2025 Federal Register notice that put circulation at approximately 62 billion XRP, based on publicly available data. Treat any single circulating number as a snapshot tied to its own method and date.
Four measures that are often mistaken for one another
Most confusion comes from treating a supply classification as if it were a sales inventory. The table separates the four measures that matter when you ask what XRP is available to buy.
| Measure | What it answers | What it does not answer |
|---|---|---|
| Circulating-supply estimate | How much XRP a source classifies as circulating, under that source’s method and on its date | How much is offered for sale now, at a given venue or price |
| Escrow balance or release schedule | How much is locked under escrow conditions or scheduled for release | How much released XRP will be sold, transferred, or offered |
| Exchange or DEX order book | Which offers appear at one venue at one moment; on the XRP Ledger, whether each offer is funded | What every holder is willing to sell, what other venues list, or what private transactions occur |
| Funded sell depth at price levels | How much the displayed venue can potentially fill at each price level | A guaranteed execution price, or the whole market’s available supply |
Circulating supply is a classification
A circulating count is an accounting judgment. It states which tokens a source treats as in circulation, and that judgment depends on the source’s definitions and the date of its data. A supply figure can be accurate for its own method and still say nothing about whether a holder has listed any of those tokens.
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The 62 billion figure from the February 20, 2025 Federal Register notice (Volume 90, Number 33) is useful as a dated reference point. It is not a live October 2026 reading, and it is not a count of tokens currently offered. If you see a different circulating number, check which source produced it, when the data was pulled, and whether it excludes escrowed tokens.
Escrow releases are a schedule, not a sale
The 2017 arrangement
In a December 16, 2017 explanation, Ripple’s David Schwartz wrote: “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.” That 55 billion was the original placement figure. It is not a current escrow balance.
The same explanation said up to one billion XRP could be released each month, and that amounts not used would be placed into a new escrow. Read that as the schedule and mechanism described in 2017. A monthly release ceiling does not show how many released tokens were sold, transferred to an exchange, or listed in any order book in a given month.
What XRP Ledger escrow does
The XRP Ledger documentation defines escrow as XRP, or fungible tokens, locked until specified conditions are met. It describes time-based, conditional, and combined forms. This explains when an asset can be released. It does not identify a buyer or establish that a sale took place.
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Ripple-held XRP is not the same as escrowed XRP
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 reach the broader market unless, for example, it were transferred to third parties. Because this is a Q4 2024 statement, use it to understand the categories rather than as a current holdings figure.
Offers on the XRP Ledger: displayed is not the same as funded
The XRP Ledger calls trade orders on its decentralized exchange “Offers.” The official Offer reference describes an Offer ledger entry as “an offer to exchange currencies in the XRP Ledger’s decentralized exchange.”
An Offer is a standing instruction, and it can outlast the balance that backed it. According to the XRPL documentation, an Offer can become unfunded and remain in the ledger until a transaction encounters it. An unfunded offer looks like a listing, but it cannot be filled as shown.
Why funded status matters
Two offers at the same price can have very different sell depth. One may be backed by the tokens needed to fill it, while the other has been left behind after the seller moved its balance. The XRPL documentation points to the taker_gets_funded field, which shows how much of an offer is currently funded. Use it to separate listed size from fillable size.
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- Name the venue and market pair before you look at any number. On the XRP Ledger DEX, the pair must be specified, because an XRP order book is defined by what is being exchanged for what.
- Retrieve the order book for that pair using the query described in the XRP Ledger’s Offers documentation.
- For each offer, check
taker_gets_fundedand compare it with the offer’s nominal size. A large gap means much of the displayed size may not be fillable. - Add up funded sell size at the price levels you care about, stopping where the cumulative amount reaches your order size.
- Record the retrieval time in UTC and the result. An order book is a moment-in-time observation, and it can change within seconds.
- Repeat on any other venue you plan to use. The XRP Ledger DEX does not represent centralized exchanges or private trades.
What the sources do and do not establish
- They establish the 2017 escrow placement of 55 billion XRP and the 2017 monthly release ceiling of up to one billion XRP, with unused amounts placed into new escrow.
- They establish the definitions of XRP Ledger escrow and Offers, including the unfunded-offer behavior.
- They establish a circulation estimate of approximately 62 billion XRP from a February 2025 Federal Register notice.
- They do not establish a current escrow balance, a current Ripple-held balance, or the amount of XRP offered for sale across all venues.
- They do not establish that any scheduled escrow release was sold, and they do not show prices or depth on centralized exchanges.
For a buyer, the practical reading is simple. A circulating figure describes what has been classified as in circulation. Sell availability is a separate question that has to be answered venue by venue, with funded offers, at a specific time.
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