According to figures released on Ripple’s corporate blog yesterday (Thursday, April 26) Ripple sold $167.7 million worth of XRP during the first quarter of 2018, an increase of 83% compared to the fourth quarter of 2017. These figures prove beyond any doubt that Ripple are proving to be THE crypto above all others that will establish itself in the corporate mainstream.
Almost under the radar, Ripple have enjoyed an 83% increase in sales since the end of last year. Few saw this coming. If anything, fans of Ripple and students of the crypto market have been concerned as to XRP’s steep decline in value, from almost $4.00 in January, to a worryingly low $0.49 in early February. Even Ripple’s head of corporate communications Tom Channick said the report had “exceeded” the company’s expectations.
To the casual crypto observer, there had been very little indication as to how successfully Ripple were actually performing programmatically. In fact, it was only really brought to everyone’s attention because of the publishing of Ripple’s sales figures for the first quarter of 2018 on their corporate blog. The fact that this massive success was achieved with such stealth is proof that Ripple is being used less by the individual investor and casual crypto purchaser and more so by corporations and financial institutions for which it was actually created to cater for.
What Ripple’s 2018 First Quarter Report Revealed
The report shows that Ripple’s direct sales of XRP (the name of Ripple’s tokens) totaled $16.6 million, an actual decrease of 17% percent compared to the previous quarter, while programmatic sales were $ 151.1 million, more than double the $ 71.5 million recorded in the previous quarter. Some other points were:
- While Ripple’s 2018 Q1 sales were 83% improved on the previous quarter, they were a staggering 2,400% up on 2017 Q1 figures.
- During the first quarter of 2018, $160.0 billion worth of XRP was traded (bought, sold, and used in transactions) globally.
- Ripple’s total share of the cryptocurrency market increased from 5.3% at the end of 2017 to 6.9% at the end of in the first quarter of 2018.
In brief, the report states:
“In Quarter one, 2018, market participants purchased $16.6 million directly from XRP II, LLC — our registered and licensed money service business (MSB). XRP II, LLC is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. Additionally, the company sold $151.1 million worth of XRP programmatically, as a small percentage of overall exchange volume.”
Ripples First Quarter Figures Calms Investors
Ripple’s surprisingly high sales figures for the first quarter of 2018 should give market watchers and Ripple investors cause for celebration. Prior to the release of these figures, if anything there had been an air of concern due to the crypto’s fluctuating performances of late. In the past week alone, Ripple had several highs and lows, trading is high is $0.95 but dipping to $0.79 days later.
Nevertheless, in general Ripple has been enjoying a resurgence in 2018, although it still has a way to go before getting back to its January high of $3.84, and hopefully investors won’t see a return of its early February low of just $0.49.