Ripple Q2 XRP Market Report Summary – $73.53 Million Sold For Sales And Programming

Ripple has released its Q2 market report for its XRP token for this year. The announcement was made public on Tuesday, July 24.

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Ripple has released its Q2 market report for its XRP token for this year. The announcement was made public on Tuesday, July 24.

The report shows that Ripple’s XRP sales in that timeframe constituted a negligible percentage of the total XRP market.

The company sold off $73.53 million worth of XRP out of the $45.35 billion XRP that exchanged hands during the quarter. The selling represents approximately 0.30% of total trade volume.

Ripple Q2 XRP Market Report Summary - .53 Million Sold For Sales And ProgrammingDetail of XRP sale by Ripple

According to updated information provided in the report, the company sold a total of $73.53 million worth of XRP during the second quarter, of which $16.87 million and $56.66 million went to sales and programming, respectively.

Compared to Q1 2018, sales of XRP to support Ripple sale and programming were down $94 million or 56%.

According to the report, these sales were completed via the company’s business subsidiary XRP II LLC. XRP II is a licensed Money Service Business (MSB).

Period of low volatility

One of the things emphasized in the report was the coin’s low volatility in Q2. The low volatility coincided with the poor market performance of XRP. The trend was present among other digital assets as well.

The company explains that XRP had a 9.0 percent price decline, which compares to Bitcoin’s 8.2 percent price drop.

Ripple Q2 XRP Market Report Summary - .53 Million Sold For Sales And ProgrammingEscrow update: 2.7 of 3 billion XRP returned to escrow

Additionally, the report addressed the tricky issue of funds that were placed in escrow in Q4, 2017. The company put 55 billion XRP tokens into an encrypted account, which ostensibly meant that it could only access about 13% of the total coins in circulation.  

It stated that of the tokens held in escrow, a total of 3 billion were released in Q2.

At the same time, 2.7 billion XRP tokens of the tokens released were returned and placed into new escrow contracts. 

The publication notes that the 300 million XRP not placed into escrow were being used to facilitate and offer support to a number of projects within the XRP ecosystem.

New developments for Ripple

Part of the detailed report also focused on a few of the new participants within the rapidly expanding XRP ecosystem. Top of the ladder to join Ripple in Q2 was Coil, a project that seeks to utilize XRP to facilitate micropayments.

Also mentioned was Scooter Braun, founder of SB Projects, which seeks to help use XRP for microtransaction in content monetization.

The company further notes that the two projects are new entrants that have support from the platform’s Xpring initiative.

Xpring is a venture by Ripple whose objective it to partner “companies and projects run by proven entrepreneurs” for the purpose of building up the XRP ecosystem.  

Lastly, the company commented on its performance compared to its native token XRP. 

Ripple explain that it maintains independence from the XRP token and is not connected per se to Ripple (the company). It explains that although the company’s best performance was in Q2, XRP didn’t mirror the performance.

Ripple added:

“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.”

Quite clearly, the report points out that XRP price movement mirrored other digital assets in the market and not the company.

More so, in terms of overall decline, the token maintained trends seen with the rest of the crypto markets. For instance, the company points out the huge drop experienced in the entire cryptocurrency industry with regard to total market capitalization.

The general crypto market lost $349 billion between January and June, dropping from $603.7 billion to $254.7 billion.  

The coin’s volatility also features, figures showing that it had fallen to about 5.7 percent. This figure represents the token’s lowest volatility since Q4, 2016.

Its highest volatility remains that of 22.3 percent experienced in Q2, 2017 (as with most coins). Further, the report notes that declines in volatility led to a decline in the trading volume. On January 18, for example, XRP had an intraday trading volume of $9.1 billion.

XRP’s independence from Ripple remains a subject of great debate within the crypto circles as well as attracting a number of class action lawsuits. At the moment, all eyes are on the SEC and their verdict concerning this matter.  

As of now, the XRP coin is trading in a tight range below $0.50, struggling to break out of a bearish channel.

Ripple Q2 XRP Market Report Summary - .53 Million Sold For Sales And ProgrammingThe XRP coin currently trades at $0.464 against the US dollar, a far cry from its all-time high price of $3.81 reached on Jan. 4, 2018. It is the 3rd largest crypto asset with a current market capitalization of $17 billion.

Today’s daily trading volume is $280 million, and XRP/USD is in green by 2 percent.

Source: https://ripple.com/insights/q2-2018-xrp-markets-report/

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