In a recent report released by Ripple, it shows how much XRP the firm is selling. The highlight of the report shows a big year-over-year jump in the volume of institutional participants that are buying XRP.
Overall, Ripple sold just over $180 million worth of XRP in 2017 and according to the report, that number made a massive leap to $535 million in 2018.
Of the $535 million, the firm sold over $170 million XRP directly to institutions. The rest of the digital tokens were sold programmatically to crypto exchanges as well as other companies which have to arrange deals with Ripple prior to this. The report released by Ripple analyses the correlation of XRP with the other two cryptocurrencies in the top three, Ethereum and Bitcoin.
“In Q4, we saw an overall settling of XRP volatility compared to quarters’ past. XRP’s volatility of daily returns was 5 percent – the lowest quarterly average since Q4 2016. Conversely, we saw the average daily volume for XRP increase substantially. The average XRP daily volume was $595.7M – the highest quarterly average since Q1 2018. In addition, towards the latter part of Q4, XRP’s correlation with top digital assets returned to the elevated levels seen through the end of Q1 2018 through early Q3 2018.”
In addition, Ripple says more than 30 new crypto exchanges listed the second largest cryptocurrency in the fourth quarter of last year which ultimately brought the total number of exchange adopting XRP to more than 100.
There is 60 percent of the total supply of XRP owned by Ripple with a lot of the holdings locked in escrow. Although, as it says in the report, “in Q4 2018, three billion XRP was again released out of escrow (one billion each month). 2.4 billion XRP was returned and subsequently put into new escrow contracts. The remaining 600 million XRP not returned to escrow is being used in a variety of ways to help support the XRP ecosystem, including the RippleNet Accelerator Program and Xpring investments like Securitize.”
In terms of price, XRP is currently worth $0.31 after seeing 0.01 percent increase over the past 24 hours. The digital asset also has a market cap of $12,976,042,871.
What are your thoughts? Let us know what you think down below in the comments!