Altcoin News: Ripple Sales from XRP in the Second Quarter Increased by $82 Million

July 25, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Fintech-company Ripple Labs this Wednesday presented its new quarterly report. Ripple has extensive reserves of XRP cryptocurrency, the sale of which is one of the main sources of its income.

According to the publication, in the second quarter of the sale of XRP Ripple managed to gain more than $251 million against $169 in the first quarter. More than $100 million of this number accounted for “institutional direct sales,” $144 million for “programmatic sales,” that is, sales made by Ripple partners on the basis of global XRP trading volume.

Against the background of disturbing cryptocurrency industry reports of massive falsification of trading volumes, Ripple makes the following statement in its latest report:

“ In Q2 2019, Ripple sold $106.87 million XRP in institutional direct sales and $144.64 million in programmatic sales. In total, the company sold $251.51 million XRP in Q2. Given the reports of inflated volumes, which Ripple took seriously, the company temporarily paused programmatic sales and placed limits on institutional sales to evaluate the problem in early Q2. Ripple later resumed XRP sales at a rate that was 50% lower versus previous guidance, at 10 basis points of CoinMarketCap reported volumes.”

In addition, to establish reliable data on trading volumes, the company began to use the Top Tier tool of the CryptoCompare portal (CCTT), which includes exchanges with high ratings.

In the future, Ripple intends to trust only this tool and promises to limit sales.

“Ripple plans to take a more conservative approach to XRP sales in Q3,” the publication said.

Ripple also notes that in the second quarter there was a slight decrease in XRP volatility and a significant drop in correlation with Bitcoin, while the correlation with Ethereum remained.

Earlier this month, the company announced that it had spent $500 million on the development of the XRP ecosystem as part of Xpring.

Author: Marko Vidrih