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Ripple released its quarterly report for Q1 2019. The report painted an optimistic picture for Ripple and their XRP token, indicating that the XRP token’s sales grew by 31% in Q1 2019 as compared to the preceding quarter and sold $169.42 million worth of XRP.
In the last quarter of Q4 2018 this figure was down to $129.03 million. Ripple is one of the biggest competitors to the current cryptocurrency king, Bitcoin, although it’s still quite far behind it. Along with Ethereum, Ripple is on path to be challenging Bitcoin’s crown in market volume and use. XRP is already the third largest cryptocurrency by market capitalization. Its quarterly report shows clear signs that they are steadily progressing on this path.
The report further reveals that Ripple’s direct sales figures saw an even greater increase. This quarter, the firm reported $61.93 million for such sales, a 54% increase from $40.15 million in Q4 2018. XRP’s programmatic sales were stated to be at $107.49 million. Almost a 21% increase from the last quarter’s amount of $88.88 million. The progress made by XRP in all regards despite the brutal bear market is perhaps a sign that cryptocurrencies are finally getting ready to bounce back. This time, however, hopes are for a steadier uptick.
According to the report, Ripple’s XRP sales in Q1 2019 accounted for 0.32% of total XRP trading volume. In Q4 of 2018, this figure was reported to be 0.24% by Ripple.
Furthermore, Ripple released 3 billion XRP from escrow over the course of three months (one billion each month). 2.3 billion of the 3 were return into new escrow contracts during the same period. The remaining 700 million is being utilized in various ways to support the platform as per the report. The number of companies working with Ripple also increased significantly this quarter. Ripple is now available to be bought and sold on 120 exchanges, out of which 19 were added during this quarter alone.
Ripple also saw 13 more companies join its prized fintech network RippleNet; now, over 200 companies worldwide are part of RippleNet. 5 of the 13 new companies that joined RippleNet, JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank announced they will leverage XRP to source liquidity on demand. January to March 2019 was also the second-lowest volatility quarter since Q4 2013 for XRP, Ripple added, as “rolling volatility of 30-day returns steadily declined throughout the quarter.”