Massive Drop of 54% in XRP Sales Hits Ripple Hard
Ripple, one of the top five largest cryptocurrencies in the world has been hit with a hard decline in 2018 with sales dropping at a rate of 54%.
While it’s true, the first quarter of Ripple’s token sales where excellent, the second quarter has been anything but. Losing more than half their total sales volume since the beginning of the second Q2 has been a heavy loss. The total market volume is also at a loss since 2017, the strange thing however, Ripple’s customer base has grown significantly.
The company is still looking at 2018’s second quarter as their best Q2 since the launch of their platform. XRP II has risen from $16.6 million in sales to $16.87, a hefty $300,000 in total rise. XRP sales are where the main problem lies, with more than a sixty percent drop in sales, the company is looking for answers to make up profits for the remainder of the year.
The bear market is likely to blame, with prices on most tokens plummeting all over the world. Once exception is Bitcoin of course, who is on a steady climb yet again, even proposed by some to beat out the high price of 2017. Still it’s a new market, so drops in price like this come of no surprise to most experts. After all, cryptocurrency is known for being unstable and volatile at time, especially depending on market standards of supply and demand. It would appear at this time, Ripple is simply not in demand.
One possibility is the introduction of the Stellar Lumens, created along the same objective as Ripple – but significantly improved by most standards. As for Ripples, most of their tokens are staked in escrow with 2.7 of the 3 billion returned during Q2, 2018.
The fact they still consider the quarter successful is a good sign by company standards. Ripple is different than other cryptocurrencies after all, with many of their products being pushed back because o the cryptocurrency linked to the company.
XRP is still a cryptocurrency and not a security, which makes investing in it a littler hazardous at times. The company still has faith for the rest of 2018, according to company executive Brad Garlinghouse, who spoke recently at a conference held last month known as CB insights, future of fintech.
Will Ripple push ahead, remaining as one of the top five cryptocurrencies? Or will Stellar beat them out, taking the place as the top business-tech token of 2018? Leave your thoughts and comments below.