25 Jul 2019 Simon Briggs
Ripple Reports Over $250 Million In Sales In Q2 Of 2019
The owner of the XRP token, Ripple, announced the results for their sales for Q2 in a report, published on July 24th. The third-largest cryptocurrency based on market cap stated that they sold $251.51 million in Q2 of 2019. Ripple reports $169.42 million value in XRP tokens in the first quarter, which means sales in the second quarter increased with approximately 48 percent.
Further, in the report, Ripple states that the company will decrease sales over time. The main reason behind the restrictions is due to inflated trading volumes.
Ripple says that most of their token sales come from institutional investors - $106.87 million, and the rest $144.64 million comes in the form of programmatic sales.
Ripple also intends to adopt a progressively conservative strategy to XRP sales in the third quarter of 2019. The company changed benchmarks to CCTT.
Based on daily trading volumes, XRP's volumes expanded in Q2. The average daily volume was $429.51 million in the second quarter and $156.01 million in the first.
Coinmarketcap.com reported daily trading volumes of $1.74 billion.
XRP's volatility over the second quarter of 2019 is 5.01%. Although there was a slight increment in volatility in the first quarter, XRP's price volatility was in the range of other prominent players in the cryptocurrency sector. Furthermore, XRP's price dependence from Bitcoin dropped from Q1, while its correlation with Ethereum stayed high.
On the other hand, Ripple's accelerator platform – Xpring, helped XRP projects with over $500 million, Ripple's report states. The main goal for Xpring is to develop new projects and use cases for further XRP development.
The other key note in Ripple's report is that the company withdrew three billion XRP tokens from its escrow. Out of the three billion XRP tokens, 2.1 billion XRP was reinvested into various contracts, and the other 0.9 billion – into Xpring.Cryptocurrency Crypto Market Ripple sales XRP