Ripple’s quarterly XRP sales reduced by half
XRP volatility has diminished to a two and a half year low, while customer subscriptions continue to rise.
Payments startup Ripple has revealed that it sold less than half the amount of XRP during the second quarter of 2018, as it did in the first half of the year. The company also had its best quarter for customer signups.
As part of its Q2 XRP Markets Report 2018, Ripple announced that it sold $56.6 million XRP programmatically, representing just 12.5 basis points of total XRP volume traded globally during this period. Additionally, registered subsidiary XRP II sold $16.8 million XRP in direct sales. Combined, Ripple sold just $75.5 million XRP in Q2 2018, less than half (45%) of the $167.7 million sold during the previous quarter.
“It’s also important to note that despite Ripple having its best quarter ever in Q2 – in terms of customers signed – XRP’s price continued to decline with those of other digital assets, underscoring XRP’s independence from Ripple,” Cory Johnson and Miguel Vias noted in Ripple’s second quarterly XRP markets report 2018.
The report also noted that the XRP cryptocurrency was less volatile during Q2. The token’s 9% price decline was not dissimilar to bitcoin’s 8.2% fall over the same period. XRP’s market trading volume hit $45.3 billion.
XRP’s volatility has more than halved over the last six months, down from 13.8% in Q4 2017 to 5.7% in Q2 2018. This is the lowest XRP volatility measurement recorded in two and a half years.
Ripple unlocked three billion worth of XRP in Q2 2018, releasing one billion per month. These releases began after the company tied up 55 billion XRP in a cryptographically-secured escrow account in Q4 last year.
Earlier this month, Ripple had a third class-action lawsuit filed against the company for allegedly using its native cryptocurrency, XRP, as an unregistered security to fund the project’s business operations.
The week prior, the US Securities and Exchange Commission (SEC) officially stated that, as cryptocurrencies, bitcoin and ether were not recognized as tradeable securities under current federal government regulations.
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.
XRP doubled its share of the overall market capitalization of all cryptocurrencies during the first quarter of the year, according to the latest financial reports released in April, a continuation of a trend first started in 2017.
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