Ripple Supports Blockchain Summit Hosted by Morgan State University
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Ripple Supports Blockchain Summit Hosted by Morgan State University

Ripple is supporting the inaugural HBCU Blockchain Summit hosted by Morgan State University under the UBRI scheme.

The event was kicked off by Dr. Ali Emdad, the Associate Dean of the Earl G Graves School.

Also Read: Ripple Partners with Ria Money Transfer

Recently, Ripple released the XRP markets report for the first quarter of the year. The company sold $169.42 million of XRP in Q1 2019.

Starting off with the sales numbers, the report said:

“In Q1 2019, Ripple sold $61.93 million of XRP in institutional direct sales and $107.49 million of XRP in programmatic sales. In total, the company sold $169.42 million of XRP in Q1.”

Moving on to Q1 escrow activity:

“In Q1 2019, three billion XRP were again released out of escrow (one billion each month). Additionally, 2.30 billion XRP were returned and put into new escrow contracts. The remaining 700 million XRP not returned to escrow are being used in a variety of ways to help support the XRP ecosystem.”

Moving on to a commentary on XRP’s volatility, volume, and correlation, the report said:

“XRP’s volatility of daily returns over the quarter was 2.90 percent, marking Q1 the second lowest volatility quarter since Q4 2013. Rolling volatility of 30-day returns steadily declined throughout the quarter such that XRP volatility of 30-day returns fell to its lowest levels since Q3 2016.”

Adding to it, the report said:

“While the price of XRP decreased, the average XRP daily volume was $595.28 million which is on par with XRP daily volume from Q4 2018. In addition, XRP’s correlation with other top digital assets remained consistently high throughout the quarter.”

As far as the new exchanges supporting the cryptocurrency are concerned, there have been 19 this quarter. The total number of exchanges supporting XRP is now 120.

Talking about RippleNet, the report said:

“At the start of the quarter, Ripple announced RippleNet surpassed more than 200 customers worldwide, with the addition of 13 new financial institutions that signed up for the company’s payment network. These companies include Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND and Rendimento.
Of those customers, JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank announced that they will leverage XRP to source liquidity on-demand.”

Commenting on the “crypto winter”, the report said:

“The industry has referred to the past several months as the “crypto winter” after a year-long bear market. During this time, blockchain and crypto companies, especially those without a clear use case or utility, were forced to shift business and product goals and/or abandon their projects.
Overall, this is positive for the industry as legitimate businesses gain traction and scams and non-businesses fall by the wayside.”

Moving on to market validation from legacy players, the report said:

“Several legacy players and technology companies announced new products and blockchain solutions to fix payments, which is a strong validation for the market. Companies are planning to use decentralized blockchain technology and stablecoins to improve payments, while others released new features to fix existing infrastructure and address customer pain points.
In addition, various payment providers are trying to build workarounds to legacy infrastructure to deliver faster, lower cost, more reliable cross-border payments.”

Talking about the rise of digital banks and mobile wallets, the report said:

“Digital banks continue to gain traction and are going after traditional banks’ market share. Predominantly in the UK, these contender banks are looking to expand to new geographies and services, including cross-border payments.
Also, there is a growing trend of mobile wallets acquiring cryptocurrency, which increases accessibility to a broader audience. This will likely help drive digital asset adoption, volume, liquidity and credibility.”

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.