Ripple’s XRP sales surge 18-fold in Q2

Ripple’s XRP sales volumes reached a yearly high, increasing 18-fold from Q1.

The Q2 2020 XRP Markets Report provides an in-depth analysis of the current #crypto markets, highlights a continued pause in programmatic #XRP sales and explores the latest crypto market moves. https://t.co/IYK8agJgCY

— Ripple (@Ripple) August 3, 2020

For the first quarter, Ripple sold XRP for $1.75 million, and in the second quarter this figure reached $32.55 million. In both cases, buyers were exclusively institutional investors, as the company halted exchange sales last year.

The second-quarter sales volume was far from the historical maximum. In the same period in 2019, the company sold XRP for $252 million, of which $107 million went to institutional investors.

The report presents a series of other figures reflecting the state of the Ripple ecosystem in the second quarter:

• The standard deviation of daily returns stood at about 3%, making XRP slightly less volatile than BTC and ETH.
• Ripple released 3 billion XRP from escrow accounts, returning 2.6 billion tokens to them.
• ODL (on-demand liquidity) on the RippleNet platform accounted for 20% of RippleNet turnover.
• During the quarter, 85 million transactions were processed on the Ripple network. This places XRP fifth among cryptocurrencies by this metric.
• Total network fees amounted to $20,000.

Against the backdrop of the report, Whale Alert reported that co-founder and former CTO Jed McCaleb has increased XRP sales by 226% in the current year. Since January, he has sold tokens worth $70 million.

Earlier, Ripple CEO Brad Garlinghouse acknowledged that XRP sales constitute a significant share of the fintech company’s profits.

Subscribe to ForkLog news on VK!