Ripple, a leading U.S based Fintech company providing payment settlement solutions, released its Q1 report for the year 2019. The report provides insight into the amount of XRP taken out from the escrow account, the firm’s financial progress, and an overall update on the XRP market.
The report stated,
“Ripple’s Q1 sales accounted for 0.32 percent of global XRP volume. Three billion XRP were released out of cryptographic escrow, 2.30 billion returned to escrow. XRP is now listed on approximately 120 exchanges worldwide”
The report also stated that Ripple withdrew 1 billion XRP each from its escrow account over the last three months, a total of 3 billion XRP. Out of this, over 700 million XRP was used for the development of the ecosystem, while the remaining 2.3 billion XRP was deposited back into its escrow account.
Notably, the report stated that the firm sold $169.42 million worth of XRP in the first quarter, an increase to 0.32 percent from 0.25% in Q4 2018, in terms of sales in global XRP volume. On one hand, institutional direct sales also saw a significant increase from 2018 Q4, growing from $40.15 million to $61.93 million. On the other hand, programmatic sales also saw a massive hike from 2018 Q4, rising from $88.88 million to $107.49 million.
Cryptopolis, a Twitter user, commented,
“I don’t know anymore then you, but their actions speak louder then words. They are out there building the xrp ecosystem. If you don’t trust them go find another project to crap on and sell your xrp now.”
Tony Valentino, another Twitter user, said,
“Market manipulation at its finest.”
Subscribe to AMBCrypto’s Newsletter
Ripple’s XRP reaches its highest market volatility since September 2018
Ripple’s performance during the crypto-winter led many analysts to believe that there was only a very small chance of breakout for the XRP/USD pair, according to various technical analysis. While the cryptocurrency sported a consistent downtrend throughout 2018, September’s market volatility resulted in an unusual spike to $0.8 in trading value.
While XRP’s price was not able to maintain its seemingly one-off price rise, it traded throughout the year while maintaining a strong support at $0.27. At the same time, the third largest cryptocurrency had been crippled by contracted volatility, and the downfall of the market leader, Bitcoin [BTC].
Contrary to popular beliefs, Ripple’s XRP witnessed a major increase in its transaction volumes recently. Compared to the previous year, the cryptocurrency’s transaction volume has now almost doubled, hinting at the probability of a bull market for the token. At press time, XRP’s trading volume had risen by $1 billion, as investors continued to put their money into the XRP market.
While every market dip opens up an opportunity to accumulate XRP, the bull run is expected to take place as long as the XRP/USD pair’s value manages to steer over the ongoing support at $0.27. Additionally, the bullish trend is also positioned to retain its ongoing sideways trend, contrary to sudden alternating spikes in the past.
With the XRP market displaying more volatility and signalling more buyers, the coin’s market is currently positioned to make a 1400% jump back to its $3 value.
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC]: Blockchain reorgs are an important part of BTC protocol, says Money Button’s Ryan X. Charles
How to Buy BTC for Just 10% of its Value on YouHodler
Cryptopia hack: Stolen Ethereum, ERC20 tokens land up in ‘major cryptocurrency exchanges’
mBitcasino announces support for FIAT currencies
Tether [USDT] treasury transfers almost 10 million USDT to unknown wallet
Tron [TRX]: Justin Sun short-changes new winner; awards USD equivalent instead of a Tesla
Cardano [ADA]’s Charles Hoskinson says ADA will become top coin in the market if the current momentum continues
Crypto is replacing the US Dollar and no one seems to be noticing, claims prominent investor Robert Kiyosaki
SEC shows green light to new Silicon Valley stock exchange LTSE; boosts cryptocurrency inclusion
Litecoin [LTC] bought at $100k on Binance when coin was trading at $90
Tron [TRX] announces future trading on OKEx platform from May 20
HitBTC is insolvent, claim customers facing trouble withdrawing funds for several weeks
Bitcoin [BTC]: Coin’s present-day price rise is different from 2017 rise, says Barry Silbert
Bitcoin [BTC]: Andreas Antonopoulos says blockchain technology should not be ‘mashed’ with technologies such as IoT