Ripple Q3 2018 Markets Report shows 122% sales growth
Ripple published its third quarter 2018 market report. The report explains how Ripple is growing as a company and how they view the cryptocurrency market at the moment.
As in the income statement, Ripple explained his financial results.
In the third quarter of 2018, Ripple sold $ 163 million to XRP Tokens. This is 122% more than sales in the second quarter of 2018, where they sold XRP for only 74 million dollars. Despite sales growth, this $ 163M represents only 0.43% of the total XRP. The remaining volume is traded on third-party exchanges.
Of these sales, $ 65 million was sold programmatically, and $ 98 million was sold to XRP II, LLC. XRP II, LLC is a subsidiary of Ripple, which is a registered and licensed money service business (MSB) and accounts for the majority of Ripple sales. Although this increase in volume indicates that more institutions may view XRP as an investment currency, most XRP purchases occur in the open market.
As for their treasury, Ripple took 3B XRP from deposit at the beginning of this quarter. At the end of the quarter, they returned 2.6B, and the remaining 0.4B was used "in various ways to support the XRP ecosystem." The Ripple report explains the purpose of the escrow account.
Market Review
The main part of the XRP market report reflects their attitude to the cryptocurrency market. The first thing to note is that the volatility and volume of XRP trading is declining. This reflects what is happening in the entire cryptocurrency market, which is not active.
Although volatility was low, XRP volatility increased by the end of the quarter. Perhaps this was in anticipation of a SWELL conference in which former United States President Bill Clinton took part.
XRP volatility and volume
Ripple notes that although XRP was in a downtrend for most of 2018, it still correlates with the entire cryptocurrency market, which also declined. Unlike the entire market, Ripple achieved a strong rally at the end of Q3, as shown below:
XRP Price vs. Cryptocurrency Market Cap
In addition to the SWELL conference, Ripple mentions that the launch of the Coil project can lead to more rapid price fluctuations. Coil, a product of monetization of the network, began testing this quarter. It allows 200 websites to accept XRP payments and can grow in the future.
Ripple completes its market report with two interesting events in cryptocurrency markets.
- First, the cryptocurrency is melting, the fundraising amounts are decreasing, and the ICOs are closing down their ICOs, unable to achieve their fundraising goals.
- The second trend is that two countries – South Korea and Malta – are collecting the main volumes, as leaders in the cryptocurrency market. It is still unclear what this means, but it may indicate that the cryptocurrency is diversifying around the world.
Website source : https://www.cryptoglobe.com/latest/2018/10/ripple-q3-2018-markets-report-reveals-122-sales-increase/
Article translated and published: Leonid Shchekutev, analyst at Freedman Club Crypto News
