Ripple reveals its sales for the first quarter, with some records … Get to know them
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Answer Ripple reveals its sales for the first quarter, with some records … Get to know them
The Ripple company periodically discloses every quarter its sales of XRP to the financial and banking institutions.
Ripple announced a record 87% drop in XRP sales during the first quarter compared to the fourth quarter of 2019.
Ripple sold a total of $1.75 million of XRP in the first quarter, compared to $13.08 million in the fourth quarter of 2019, according to the announcement. Spread Thursday.
The sharp drop is due to the drop in institutional direct sales, as well as the continued pause in automated XRP sales, i.e. XRP sales to cryptocurrency exchanges.
Ripple previously indicated that it will focus solely on the over-the-counter (OTC) channel for XRP sales and focus on strategic regions including Europe, the Middle East, Africa and Asia.
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Ripple’s XRP sales have continued to decline since Q3 2019 when automated sales were paused in Q4 2019, with total XRP sales dropping 80%.
Until the second quarter of 2019, automated sales accounted for the majority of Ripple’s sales volume, but the company decided to abandon these sales due to reports of inflation.
The company had previously stated the following:
Ripple continues to evaluate its benchmarks in light of challenges, such as fake scale, that continues to thrive in the industry.
Lowest XRP Sales Ever:
Ripple’s sales for the first quarter of 2020 are the lowest since those numbers began to be announced in the fourth quarter of 2016, according to research by The Block.
While XRP sales fell sharply, the price of XRP fell slightly by about 9% during the first quarter to $0.1763, compared to $0.1928 in the previous quarter.
On the other hand, the global trading volume of XRP increased by 72% in the first quarter of 2020 to $29.68 billion compared to $17.24 billion in the fourth quarter of 2019.
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According to the latest Ripple publication:
Clients continue to see the value of XRP through significant cost savings by eliminating the need to pre-fund international accounts.
From Q4 2019 to Q1 2020, the On-Demand Liquidity (ODL) service tripled in transaction volume, and traded transactions increased by more than 294%.
The ODL service uses XRP to settle cross-border payments.
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