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As the bear market rages on, it has painted a gloomy picture for the crypto market. However, as proved by several reports, things are not as bad across the board as it seems. The market is still finding its feet but the development of new projects and innovations continues to push the industry into the next generation. A market report by Ripple for Q4 of 2018 confirms this as well. According to the report, despite the bad behavior of the market, 2018 was a good year for the company.
Ripple sold a total of $129.02 million in XRP in Q4 2018. This amount is a sum of 88.88 million “programmatically” sold by Ripple and 40.15 million sold by XRP II LL to institutional investors. XRP II LL, which is a subsidiary of Ripple, is registered as a licensed money services business. The amount sold in Q4 represents 24.09% of the company’s total sales of the XRP token, placing the company’s performance within the expected figures.
The report also boasts that the average XRP daily volume was $595.7 million, which is an increase over the previous two quarters for the company. This refutes rumors that cryptocurrencies are witnessing their end. The report also states that as trading volumes increased, the volatility It is clear from statistics from this report and many others that the market is just finding its feet and once it does, it is guaranteed to bounce back again to its previous heights.
XRP was listed in 30 new exchanges during this quarter. The token is now available in over 100 cryptocurrency exchanges around the world. XRP is also accepted as a base pair in 3 new exchange houses.
In the report, the company also said that during Q4, they released 3 billion XRP from their escrow account. However, 2.4 billion out of those 3 were relocated into new escrow contracts. The team mentions that the rest is being used for various activities that will contribute to the growth of the company. Moreover, the report also mentions that by the end of the year, XRP’s correlation with the most important cryptos returned to levels observed in the previous periods. This further illustrates the strength of the token in the global market.
In the end, the Ripple team talked about market trends and stablecoins. Stating that the market is maturing and heading to a state where only the good projects will be able to survive and scam projects will disappear. The report says:
“The market continued to mature in Q4. First, we saw an increase in enforcement actions against questionable crypto projects, including ICOs. By weeding out these projects, the market will naturally contract as legitimate projects thrive and experiments or scams disappear. In addition, we saw reputable financial institutions both in the U.S. and abroad continue to push ahead with their digital asset or blockchain plans.”
A report like that is welcomed by the community and breathes an air of encouragement. It is important that big crypto projects like Ripple, Ethereum and Bitcoin lead the market responsibly into the next phase. Where volatility is low and scam projects are rejected and discouraged collectively by the market. That is the only way to improve the cryptocurrencies’ reputation in the public eye and strengthen their argument against the centralized net.
It would be fascinating to see if indeed Ripple will continue to grow or if it would prove to be overhyped as some recent reports indicate.