Ripple Reports Selling Just $13M of XRP Last Quarter

Ripple’s XRP gross sales fell dramatically within the final quarter of 2019 – a minimum of partly attributable to change in how the corporate sells its retailer of the third-largest cryptocurrency by market capitalization, the corporate stated Wednesday.

XRP gross sales in This fall dropped 75 p.c from the $66.24 million offered in Q3 to only over $13 million, based on Ripple’s XRP Markets Report. The drop is a minimum of partly attributable to a complete suspension in programmatic gross sales, which accounted for $16.1 million the earlier quarter. Over-the-counter (OTC) trades additionally dropped 74 p.c quarter-on-quarter (QoQ).

“In Q3 2019, Ripple additional decreased XRP gross sales and paused programmatic gross sales. Ripple maintained this method all through the whole thing of This fall,” the market report reads. Ripple stated OTC trades had remained targeted in offering liquidity and utility to companions in “strategic areas,” which included Asia, Europe, the Center East and Africa.

Ripple introduced in June final yr that it will undertake a extra “conservative method” to quarterly XRP gross sales to handle issues of misreported volumes from cryptocurrency exchanges. This got here into impact quickly after the corporate offered $251 million price of XRP tokens in Q3.

Programmatic gross sales have been made on to exchanges and used to make up the vast majority of XRP gross sales figures, accounting for $144.6 million in Q2 2019.

Ripple additionally stated in Wednesday’s report that its On-Demand Liquidity (ODL) software, which makes use of XRP as a bridge forex for cross-border funds, had confirmed to achieve success with purchasers. The greenback worth of XRP transacted via ODL elevated 650 p.c between Q3 and This fall, with transaction volumes rising 390 p.c QoQ.

Excluding the billion tokens launched firstly of January, the corporate’s escrow accounts at present maintain roughly 48.9 billion XRP tokens.