Ripple Releases Episode 6 of Ripple Drop
Ripple has recently released the sixth episode of Ripple Drop, a web video series which covers the latest news about the customers, technology, products, and culture of Ripple Labs Inc.
The episode started off with Reinhard Cate introducing viewers to what they can expect to see in the episode. Cate asks Asheesh Birla, the SVP of Product at the company, how different Ripple products function on RippleNet. Birla explains:
“I’m going to tell you a little bit about how our products xVia, xRapid, and xCurrent work together to improve the payments experience. xVia allows you to use one standard connection to get you all the benefits of RippleNet. They would use xCurrent and they would get rid of the need for the FTP server and the three-day wait to process the files. The magic is where xRapid is available, Mexico for example. They can then add on xRapid and move money-on-demand using XRP into Mexico and pay out instantly.”
Cate then sits down with Director of Product Craig DeWitt to discuss RippleNet’s multi-hop feature. DeWitt explains the multi-hop feature by saying:
“Multi-hop gives RippleNet members the ability of transacting with banks or payment providers or digital wallets that they don’t have a direct relationship to. That’s so important because in today’s world you need a bunch of bilateral relationships clunkily put together in a chain in order to move money. Multi-hop makes that a thing of the past. So one of the things that multi-hop allows are multiple quotes be returned to the user. And those quotes will have different paths of payments that are available. What we’re seeing already in terms of the tests that we’re doing are the cheapest and the fastest when they go through xRapid.”
Finally, Chief Market Strategist Cory Johnson talks about the Q3 XRP Markets Report:
“The big change was in the buying by Wall Street. The buying by institutions directly from the company. That number was up really big nearly four hundred percent quarter-over-quarter. There seem to be little signs that Wall Street is moving closer and closer towards adopting digital assets as we could see that the third quarter.”
The Q3 XRP Markets Report stated that Ripple Labs Inc managed to sell 163 million USD in XRP. As per the report:
“In Q3 2018, Ripple sold $65.27 million worth of XRP programmatically. This represented 0.172 percent, or 17.2 basis points of the total XRP volume traded globally in the third quarter.
In addition, XRP II, LLC — a Ripple subsidiary that is a registered and licensed money service business (MSB) — sold $98.06 million worth of XRP in institutional direct sales. In total, the company sold $163.33 million worth of XRP in Q3.”
About escrow activity, here’s what the report said:
“In Q4 2017, Ripple locked up 55 billion XRP in a cryptographically-secured escrow account. Ripple created the lockup to create certainty of XRP supply at any given time. Due to that lockup, Ripple has access to only 13 percent of the total XRP in circulation. Ripple’s sales were a tiny fraction of that amount.
In Q3 2018, 3 billion XRP was again released out of escrow (1 billion each month). 2.6 billion XRP was subsequently put into new escrow contracts.
The remaining 400 million XRP not returned to escrow is being used in a variety of ways to help support the XRP ecosystem.”
The report stated that the total market cap of digital assets declined to 12 percent due to which most of the major assets were traded in a tight correllation—which continued for quite a while. XRP, however, managed to rally at the end of the quarter.