Cryptocurrency
Ripple Sold Over $250 Million Worth Of XRP: Ripple’s Quarterly Report For Q2, Is Q3 More Promising?
Ripple has published its XRP Markets Report for the second quarter of 2019. The report notably mentions a few interesting things about the firm’s 2nd quarter achievements and includes a few new decisions the firm will be taking, including a change in its volume benchmark.
According to the publication, Ripple very strongly believes in “proactive transparency and in being a responsible stakeholder” and will continue ensuring these with its transparent quarterly reports.
Underscoring Ripple’s Q2
Some of the highlights mentioned include the following
· XRP’s spread is rapidly increasing wit Ripple’s efforts to keep this up. Compared to 120 in Q1 of 2019, the report states that XRP is now listed on 130 exchanges worldwide.
· In Q1, Ripple sold a total of $169.42 million worth Of XRP. By Q2, this number had increased by more than $82 million to $251.51 million worth of XRP. It is also noted that the firm’s future XRP sales will be “substantially reducing.”
Volume Benchmark
Ripple, and pretty much the entire sector at large, has always been plagued with deliberately misreported trading volumes with a lot of overblown figures. This is one of the ideas that birthed CryptoCompare – a need to evaluate and give proper reports to institutional and retail investors. The report now notes that Ripple will officially use CryptoCompare’s Top Tier (CCTT) to reduce the likelihood of false data.
“For now, Ripple will use CCTT as its benchmark, and will continue to work proactively with industry participants toward resolving the issues around unreliable industry volume data.”
RippleNet
Ripple’s network of financial institutions which uses the firm’s solutions for their core businesses, recorded a considerable surge in the number of transactions and official partners.
The report notes that the number of xRapid transactions successfully settled in Q2, increased by 170% from the number in Q1. Furthermore, Ripple’s Xrapid in Q2, recorded a 30% jump in the number of active partners, from Q1.
CEO Weighs In
Ripple’s CEO, Brad Garlinghouse, has also taken to Twitter to reiterate the firm’s commitment to transparency. According to him:
“In this nascent industry, we need to be transparent and urge others to do the same. As a responsible stakeholder of XRP, @Ripple is confronting this issue by updating the benchmark for market volume and reducing future sales of XRP.”
The report also encourages other players in the sector to follow suit.
“Ripple urges others in the industry to follow its lead to build trust, foster open communication, and raise the bar industry-wide.”