Ripple’s Q1 2019 Report Shows The Blockchain Company Sold $169.42 Million Of XRP
Ripple, one of the largest cryptocurrency companies in the market, has released its quarterly report. In a recent statement, Ripple informs that they have sold $169.42 million of XRP during the first quarter of 2019.
Ripple Releases Quarterly Report
According to the recently released statement, Ripple’s sales accounted for 0.32 percent of the global XRP volume. While three billion XRP was released from escrow, 2.3 returned to escrow. Moreover, the company informed that the digital asset is now listed on around 120 crypto exchanges around the world. This quarter saw an increase of over 15% in the number of new exchanges listing XRP.
As Ripple shows, XRP sales increased compared to the previous quarter. In 2018, total sales were $129.03 million. This quarter, the sales increased by over 31 percent pushed by institutional direct sales that grew around 50 percent. The total sales as % of total volume grew 33% Q/Q.
Ripple explains that the first quarter of 2019 saw significant developments from key companies that are focusing on building projects that use XRP, the XRP Ledger and the Interledger Protocol (ILP). The companies that are currently working with the aforementioned tools include XRPL Labs, Kava, Forte and Bolt Labs, among others.
The firm explains that the first quarter of this year has experienced the second lowest volatility since the last quarter of 2013. As per the report, XRP’s correlation with other top digital assets remained consistently high throughout the quarter.
Ripple explains that there have been several companies that had to shift business and product goals and/or abandon their projects over the last few months. This is positive for the industry since legitimate businesses gain traction and scams are eliminated from the market.