Ripple, the company, has released its third quarterly report on their official website. The announcement has stirred up the community as the report’s spotlight was that the company selling over $163 million in XRP. This was achieved by the company irrespective of the high volatility of the market in Q3.
Moreover, the most striking part of the report was that the institutional direct sales increased to $98.06 million, in comparison to Q2’s $16.87 million. The significant increase has particularly led to the community to lift their glasses for a toast, as there is an increase of almost 500%.
This comes in the light amidst the drop in the global XRP volume in the Q2, which has a strong contrast with the Q2 global volume.
The report stated:
“In addition, XRP II, LLC — a Ripple subsidiary that is a registered and licensed money service business (MSB) — sold $98.06 million worth of XRP in institutional direct sales”
The programmatic sales has also seen a significant increase of $8.61 million, to that of Q2. The total sales of Ripple has increased from $73.53 million in Q3 to $163.33 million the following three months.
The report also spoke about the volatility of the XRP, the third-biggest cryptocurrency in the market. This includes its price surge of more than 100% in September 2018, which led to the coin taking over Ethereum’s second position in the market.
This massive upsurge in price resulted in the coin drawing the attention of the whole cryptocurrency community, including Justin Sun, the founder of Tron Foundation. The XRP community had speculated the reason to the launch of xRapid, a product of Ripple that enables real-time cross boarder payment with XRP as its bridge currency.
Edilson1492, a Twitterati said:
“Institutional (Direct) Sales grew by more than 500%, from 16M to 98M. Shows you that institutions are desperate to get their hands on XRP.”
Subscribe to AMBCrypto’s Newsletter