Ripple (XRP) Sales Double in the Third Quarter of 2018
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Answer Ripple (XRP) Sales Double in the Third Quarter of 2018
Ripple, the distributed trading system company, has more than doubled profits from the sale of its XRP crypto assets this quarter compared to the second quarter of 2018.
In its Q3 2018 XRP Market Report released on Thursday, Ripple announced that it has sold the equivalent of $163.33 million in XRP cryptocurrency, up from $75.53 million in the second quarter. Most of the increase came from institutional direct sales, as the company sold the XRP subsidiary for $98.06 million, compared to just $16.87 million in the previous quarter. It saw a smaller increase in software sales quarterly, increasing from $56.66 million to $65.27 million.
However, Ripple has not yet matched the first quarter sales of this year, which reached $167.7 million.Read:A Syrian young man in a refugee camp in Iraq teaches those with him the basics of encrypted digital currencies
Over the course of the year, Ripple is still ahead: it sold $19.6 million in XRP directly and $32.6 million in programmatic sales during the third quarter of 2017, when the coin hit its historical peak at the height of the cryptocurrency market.
In particular, while Ripple has previously mentioned the presence of some new customers in its market reports, to the point of saying that it had the “best quarter ever in Q2” in terms of customer growth, its latest report did not discuss adding any new customers.
Ripple also reported that 3 billion XRP tokens were released from escrow accounts last quarter, although 2.6 billion tokens were placed in new escrow accounts. The remaining 400 million XRP tokens were used in a variety of ways to help support the XRP ecosystem, however no details were provided.Read:Ireland gives Gemini the green light to offer crypto services in the country
The report added that while the XRP price declined during most of the third quarter, in line with the cryptocurrency’s overall market capitalization, it made a rally near the end of September.
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