Ripple Releases Q3 2018 XRP Markets Report
Ripple News

Ripple Releases Q3 2018 XRP Markets Report

Ripple has recently released a market report for XRP which states that the company has 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.”

While the volatility of the cryptocurrency had been quite light throughout much of the quarter, the last two weeks saw a great jump. The prices of the cryptocurrency also rose considerably in the last two weeks.

Also Read: Ripple CTO Talks About the Merits of Blockchain

Moving on to 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 total market cap of digital assets declined to 12 percent leading to most of the major assets being traded in a tight correlation which continued for a while. XRP’s rally at the end of the quarter was quite a respite for the XRP holders.

On the ICO front, Q3 saw a pullback. According to a report by ICORating, 55 percent of the initial coin offerings couldn’t manage to complete their crowdfunding. US regulators took a number of actions to support healthy markets throughout the quarter.

To start with, the SEC filed its first case on Sept 11 arguing that a broker-dealer selling digital tokens hadn’t registered. The California-based “Crypto Asset Management” company, La Jolla, managed to raise 3.6 million USD from 44 investors in 15 states last year. La Jolla had 37 million USD under management by the end of the year. Now the firm has been censured and penalized by 200,000 USD.

The SEC rejected Cameron and Tyler Winkelvoss’ Bitcoin ETF application saying, “a substantial majority of Bitcoin trading occurs on unregulated venues overseas that are relatively new and that, generally, appear to trade only digital assets.”

Moving on to geographic trends, the report states:

“In the final days of the quarter, South Korean exchanges emerged as some of leading trading venues for digital assets.
Also of note is the country of Malta. For more than two-thirds of the quarter, overall global digital asset trading was led by exchanges based in Malta.
Over the last six months, Malta has proposed a number of rules that create a clear legal framework for the trading of digital assets. Additionally, Malta lets international companies pay as little as 5 percent in corporate taxes. Prime Minister Dr. Joseph Muscat has called cryptocurrencies “the inevitable future of money.” This has led to a number of large crypto firms, including Binance and OKEX Technology, moving their operations to the Mediterranean island nation.”

Lastly, the report mentioned that the big institutional firms are still moving towards backing crypto trading. However, they have yet to launch any offerings into the market. The report says:

“In August, Bloomberg News reported that Goldman Sachs Group was considering a plan to offer custody for crypto funds, citing “people with knowledge of the matter.” In the second quarter Nomura Holdings announced a custody consortium called Komainu, and Bank of New York Mellon, JPMorgan Chase and Northern Trust are all reportedly exploring or already working-on crypto-custody services.”

Follow us on Telegram, and Twitter. Subscribe to our newsletter!

Please follow and like us:

Leave a Response

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.