Ripple XRP doubles market share in Q1 2018
XRP’s token price has risen exactly 100% since the beginning of the mid-December rally last year.
Blockchain network Ripple has seen its native digital token, XRP, double its share of the overall market capitalization of all cryptocurrencies during the first quarter of the year, according to new financial reports.
Ripple published its Q1 2018 XRP markets report this week, revealing that although the total market cap of all digital assets was the same on both November 24, 2017 and March 31, 2018, XRP’s share of that market cap doubled, rising from 3.56% to 7.57%. Ripple said this was a continuation of a trend first started in 2017.
The total market cap of all digital assets at the start of 2018 was $603.7 billion. This figure rose to $835.5 billion by the end of the first week but finished the quarter at just $263.5 billion, representing a 56% quarterly decline.
XRP began the quarter at $1.91 and finished at $0.51 on March 31, enduring a 73% percent decline. XRP’s price has risen exactly 100% since the beginning of the mid-December rally that saw tokens hit fever pitch peaks.
Ripple also reported that XRP sales totaled $167.7 million during the first three months of 2018. This was 83% higher than the previous quarter and 2,400% greater than overall sales during the first quarter of 2017.
XRP’s share of overall market volume (6.9%) also grew substantially in Q1 2018, when compared to Q4 2017 (5.3%). This was XRP’s highest volume quarter in history. The digital token’s market volume rose 5% year-on-year, driven by 18 new venues listing XRP in Q1 2018. There are now over 60 different exchanges that list XRP.
Ripple’s distributed ledger, RippleNet, provides real-time messaging, plus financial clearing and settlements. Ripple has already signed over 100 partners who utilize its RippleNet blockchain.
For the first time, retail customers in the United Kingdom can now make one-day Euro and US dollar payments to Euro Zone countries and the United States, respectively, using Santander’s new Ripple-powered mobile app.
Earlier this month, Ripple contributed $25 million in XRP tokens to a $150 million Blockchain Capital investment fund, which is supporting entrepreneurial teams that are building blockchain-backed businesses.
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