Ripple Quarterly Report: $250+ Million XRP Sold in Q2 2019. What Does it Mean? - Today's Gazette - Cryptocurrency, Bitcoin News
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Ripple Quarterly Report: $250+ Million XRP Sold in Q2 2019. What Does it Mean?

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Cryptocurrency

Ripple Quarterly Report: $250+ Million XRP Sold in Q2 2019. What Does it Mean?

Ripple company has published a quarterly financial report. The total trading volume of altcoin decreased, but interest in it increased.

The total cryptocurrency market demonstrated significant growth in the second quarter. According to coinmarketcap.com analytical service, the XRP value increased by 28.20% in the period. At the end of 2Q, the token was trading at $ 0.40. The average daily trading volume was more than $ 1.7 billion.

It is worth noting that the coin has been added 12 new exchanges have added XRP. To date, trading with a digital asset is supported by 130 trading platforms.

Ripple sold $ 251.5 million XRP tokens in the second quarter, according to the company’s financial statement. In the first quarter, this figure was $ 169.

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Ripple XRP

Image Source: Ripple

Ripple’s Business Progress

Three billion XRP were exempt from cryptographic escrow, 2.10 billion returned for escrow. The remaining 900 million XRPs are used in various ways to develop XRP options, including Xpring initiatives and RippleNet partnerships (such as MoneyGram). All data are based on transactions made during the second quarter.

The number of transactions in RippleNet also increased. Their number in xRapid was 170% more than in 1 quarter. Ripple expects growth to continue as more and more partners and customers start working with the network.

Partnerships include a partnership with MoneyGram (NASDAQ: MGI), one of the world’s largest money transfer companies. The focus of the new agreement is the xRapid product based on the XRP token, which helps MoneyGram make cheap cross-border payments.

Ripple reviewed some of the positive trends in the regulation of crypto industry, according to the survey sections. However, the second quarter was marked by growth in regulatory activities, landmark partnerships and high-profile announcements from new entrants and key players in the industry. These actions underline the continued maturation of the blockchain and cryptocurrencies. Besides, Ripple has taken proactive steps to address inflated volume issues, reducing future XRP sales and changing the volume benchmark.

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Ripple’s goal is to be similar to traditional FX markets, as XRP is designed for global calculations. Therefore, Ripple is constantly looking for new partnerships to maintain XRP liquidity.

In the near future, Ripple intends to focus institutional sales in markets where liquidity on the stock exchange for XRP is insufficient to meet institutional demand.

Also READ  Ripple Price: Analyst Sees XRP at $5-10 in 9 to 10 Days, $1200 as 2019 Price Limit

Victoria Tiebienieva is an Ukrainian based cryptocurrency writer with over 5 years crypto experience. Victoria has written numerous articles for popular cryptocurrency website across Ukraine. She just joined Today's Gazette as our Europe Correspondent.She's available for conversation on victoria@todaysgazette.com

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