Ripple 2019 Recap: How Did The XRP Cryptocurrency Coin’s Company Fare In Q1
How Well Did Ripple Fair In Q1?
The cryptosphere has experienced a lot of highs and lows and 2019 still has quite some ways to go. For Ripple, it's been an exciting first quarter filled with partnerships and price predictions. Commonly referred to as the “bankers cryptocurrency”, Ripple is the third largest crypto coin by market cap next to Ethereum. As at the time of writing, the price of one XRP was $0.310068 ranking 2.10% against the USD and -3.44% against Bitcoin. Ripple announced its Q1 markets reports and from all indications, the cryptocurrency seems to be having a good year.
While Ripple had been criticized for being centralized and not like Bitcoin, the coin had managed to attract a lot of institutions willing to utilize both its coin (XRP) and its payment protocol (X-rapid). To shut down criticism, Ripple has assured it’s Investors and Hodlers that despite its lack of miners, the XRP and its network will still be in existence even if Ripple itself shuts down. Ripple is trying to revolutionize payments and remittance systems. As it is, the cryptocurrency has bagged a lot of partnerships with banks and other institutions.
XRP Price In Q1
For the price of XRP, it started 2019, with $0.35 in January 1 at $0.35 and went up to $0.37 the next day. That was the highest trading price for Q1. By the second week of the year, the price started a downward trend by January 9 and by January 13, the price of XRP was at $0.31 where it stayed for a while before moving towards $0.28 at the end of the month which was the lowest for Q1. The coin experienced an upward trend in mid-February at $0.32. However, the coin did not experience any rise or fall to be noted. Ripple closed the quarter around $0.30 with no sign of a breakout.
Ripple Q1 Market Reports
Ripple announced its Q1 XRP reports that in Q1 of 2019 alone, it has sold a total of $169.42 million in XRP. However, in the last quarter of 2018, it sold just $129.03 million. Also, Ripple direct institutional sales of XRP in Q1 was $61.93 million, 54% more than the previous quarter. However, XRP suffered a decrease in the total volume traded globally by about 2% in Q1 of 2019 making $53.85 billion as compared to $54.82 billion in Q4 of 2018.
Also, it may seem that there hasn't been any significant growth in the sales of XRP as the firm sold $167.7 million-worth of XRP in Q1 of 2018 about 1.03 percent less than Q1 of this year. However, the firm had other news as it announced that about 3 billion XRPs were released out of escrow accounts in Q1 2019 while an added 2.30 billion XRPs put into new escrow contracts.
What Has Ripple Been Up To?
Ripple pushed its coin adoption and use case by signing more partnership in Q1. From Banks in Thailand opting to utilize Ripple payment protocol for remittances services to companies such as SendFriend, Euro Exim Bank, and Transpaygo opting to use X-rapid. Ripple also got listed on cryptocurrency exchange, Coinbase. In addition, Weiss ratings ranked Ripple as one of the world’s top cryptocurrencies, coming in second after EOS with Bitcoin in third position. It may seem that the cryptocurrency had a great start.
Predictions For Q2
Moving forward, there has been a lot of predictions on the price of the XRP. However, it seems the price might just see an upward trend as ripple experienced a rise at the beginning of Q2 2019 reaching $0.37. For the first part of the second quarter, it traded within the range $0.35. However, we look forward to seeing what the market holds for Q2.
Do you think Ripple will have it better in Q2? Share your thoughts with us in the comment section below.