XRP’s maximum supply is set at 100 billion tokens, making it one of the most abundantly minted major cryptocurrencies. However, a recent claim from game designer and crypto commentator Chad Steingraber suggesting almost all XRP could disappear from public markets has reignited debate within its community.
Steingraber’s Scarcity Argument
Steingraber argued that XRP could experience a dramatic price surge if the available tradable supply shrinks to only 21 million tokens. He believes this reduction would result from XRP being pulled out of public markets, leaving a fraction available for trading and causing upward price pressure.
The reason XRP will be a high price is for one simple reason: it will be removed from public access, with only a small amount tradable, like 21 million XRP available.
This viewpoint quickly captured attention among XRP supporters, as it implies an extreme level of scarcity reminiscent of Bitcoin, which also has a 21 million maximum supply.
Exchange Supply Continues to Diminish
Previous data shared by Steingraber indicated that there were 15.7 billion XRP left across 41 exchanges. This number reportedly declined by 3.4 billion XRP, or about 17.77%, since February 2025. The shrinking availability supported his argument that a supply crunch might be emerging. However, community members noted a key distinction: reported exchange balances comprise both user holdings and assets controlled by the exchanges themselves. As a result, the actual liquid trading supply could be significantly smaller than the exchange total figures suggest.
| Metric | Amount (Feb 2025) | Amount (Now) | % Change |
|---|---|---|---|
| XRP on exchanges | 19.1 billion | 15.7 billion | -17.77% |
This ambiguity leaves doubts regarding the true scope of available XRP for active trading, with some believing the liquid float may be even lower than the numbers suggest.
Institutional Accumulation and ETF Demand
Growing institutional interest in XRP is also limiting available supply. Spot XRP exchange-traded funds (ETFs) have locked up billions of tokens in ETF custody, preventing those assets from participating in routine trading. The role of ETFs as long-term holdings means this supply is unlikely to return to active circulation soon.
Evernorth, a dedicated investment vehicle established for institutional XRP exposure, recently raised over $1 billion to acquire XRP through public equity channels. The company confirmed holding 473 million XRP—valued at nearly $672 million—alongside $300 million in cash. This kind of accumulation signals a move toward long-term storage of significant XRP amounts by corporate entities and funds.
Mini dictionary: Evernorth is a financial company that specializes in structured products allowing institutions to gain exposure to XRP through regulated public market channels, encouraging greater mainstream adoption of the asset.
Mixed Community Response
Steingraber’s claim that only 21 million XRP will eventually remain tradable met with strong criticism. One respondent emphasized that the XRP Ledger (XRPL) is a permissionless blockchain with a 100 billion token maximum supply, meaning the asset cannot simply be removed from public reach. The commenter acknowledged that while institutional accumulation can restrict liquidity, total XRP supply remains unchanged.
Another community member suggested that major macroeconomic events, such as a potential cyberattack, could influence XRP’s price before any supply-related change. A separate commenter referenced existing institutional contracts, noting that large-scale accumulation has quietly progressed for some time. Others voiced the opinion that experienced XRP investors already anticipate such supply trends.
Institutional accumulation can lower available liquidity, but it doesn’t eliminate public access to XRP. The XRPL remains an open and permissionless platform with a total cap of 100 billion tokens.
