Ripple Blockchain Project Claims to Have Sold $163 Million XRP in Q3 of 2018

Ripple says it generated $98.06 million in institutional Direct Sales in Q3 2018

The startup claims to have made $65.27 million in programmatic sales in Q3, a more impressive performance than the $56.66 million generated in Q2.

Ripple Labs, a San Francisco-based distributed ledger technology project (DLT) and Fintech firm who are the creators of the XRP altcoin, has revealed in its Q3 2018 XRP Markets report that it generated an impressive $163 million from the sales of the tokens, a more sterling performance as compared to the previous quarter, according to the document published by Ripple on October 25, 2018.

Ripple Still Surviving the Crypto Market Slump

As stated in its report titled: “Q3 2018 XRP Markets Report,” Ripple has said that it sold $65.27 million worth of XRP tokens programmatically in Q3, which is 17.2 percent of the global XRP volume traded in the third quarter.

The firm also wrote that its subsidiary XRP II, LLC, which is a registered and licensed money service business (MSB) sold a whopping $98.06 million worth of XRP to institutional investors, taking the total value of XRP tokens sold in Q3 to $163.33 million.

Ripple’s XRP Escrow Activity

Per the paper, Ripple claims to have locked up 55 billion XRP in a blockchain-based escrow account in Q4 2017 to ensure its XRP tokens remain in supply and it now has access to only 13 percent of the total XRP in circulation.

Furthermore, in Q3 2018, it released a total of 3 billion XRP (1 billion each month), and the firm says it put 2.6 million into new escrow contracts while using the remaining 400 million XRP that was not returned to escrow for XRP community development purposes.

XRP Set for the Moon?

As reported by Blockchain Reporter in September 2018, Satis Group, an ICO advisory research firm, predicted a bleak future for the price of XRP due to the lack of significant adoption for the altcoin.

However, with the recent turn of events, it appears XRP may not kick the bucket anytime soon.

On October 4, 2018 Blockchain Reporter informed Ken Takahashi, a Japanese cryptocurrency enthusiast has launched a campaign targeted at making the organizers of the Tokyo 2020 Olympics to adopt XRP as the official cryptocurrency of the games.

At press time, the price of XRP sits at $0.459008, with a market cap of $18.45 billion, making it the third largest digital asset in the world.