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Ripple sells $163 million in XRP, Q3 reports makes striking revelations on market activities

Priya

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Source: Unsplash

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.

Q3 Ripple Market Report | Source: Ripple

Q3 Ripple Market Report | Source: Ripple

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.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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  1. Avatar

    Chucky

    October 26, 2018 at 2:02 AM

    Crypto markets fake. Most top cryptos following same 24 hour charting pattern despite massive differences in volume and market cap. This can only happen if the whole thing is fake and tightly controlled by people with trillions on hand.

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Analysis

Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC] & EOS bleed as Bitcoin [BTC] falls below $5,600

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Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC], EOS [EOS] bleed out as Bitcoin [BTC] descends below $5,600
Source: Pixabay

Bitcoin’s [BTC] rise has been cut short, with the king coin’s fall below $5,600 triggering a market downturn. In its wake, several coins were leaving a trail of red, bleeding out the gains mounted over the past week. These included XRP, Bitcoin Cash [BCH], Litecoin [LTC], and EOS [EOS] with several coins following suit.

Source: TradingView

XRP witnessed a massive decline of over 8.5 percent, leading to its price being thrown off a cliff. As Bitcoin began its descent, XRP saw its price, which was holding steady at $0.33, drop to under $0.30 within a matter of hours. The coin’s market cap also took a heavy hit, losing over $1 billion since the bears attacked.

Bitcoin Cash, just weeks after overtaking Litecoin and EOS, was subjected to its big brother’s bearish onslaught, dropping by over 8.86 percent over the past 24-hours. Bitcoin bulls had previously pushed the coin’s price past $300, but less than a day later, the price dipped below $280, a testament to the severity of the market correction. Within the same period, the market cap dipped below $5 billion, and was $4.91 billion, at press time.

Despite some bullish behaviour in the wake of the impending halving, Litecoin could not escape the digital gold’s bears. LTC’s price also dipped by 8 percent, dropping from $79.35 to $72.20, over the past 24-hours. Market capitalization also took a severe hit, with the coin losing over $400 million since the downtrend began.



EOS, mirroring XRP’s movement, fell by 8.35 percent over 24 hours. After weeks of trading just below the $6 mark, EOS was pushed below the $5 mark, plummeting to $4.91. The market cap for the fifth largest cryptocurrency in the market dropped by almost 9 percent since April 23, losing around $400 million. It was valued at $4.64 billion, at press time.

The bearish trail did not end with these coins, with the collective market marred in a sea of red. Other notable losers were Stellar Lumens [XLM], Cardano [ADA], and Tron [TRX]. Bitcoin SV [BSV] and Binance Coin [BNB] also lost considerable ground, but their reasons are unlikely to be tethered to Bitcoin.





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