Ripple’s Q2 report reveals growing demand for XRP token
San Francisco-based distributed ledger company Ripple yesterday published a second-quarter report, which revealed that there was a growing demand from institutional investors for its token XRP.
The company revealed that its licensed subsidiary had sold $31 million worth of XRP during the second quarter, up from $6.7 million sold in the first three months of the year. According to the report $21 million was purchased directly through Ripple’s licensed money service business by institutional investors. Additionally, the company sold $10.3 million worth of XRP in a series of daily sales, representing “a small percentage of overall volume”.
Ripple described Q2 2017 as “one of the most significant quarters to date for XRP markets”. Specifically, the company highlighted the token’s rapid price advance. XRP finished the quarter at $0.263, posting a quarter-on-quarter increase of 1159 percent and year-to-date growth of 3977 percent. The XRP price reached an all-time high of $0.394 on May 17.
Ripple also said that the most compelling market evolution in Q2 was “the growth in volume generally, and of fiat volumes specifically”. While in the first quarter bitcoin contributed to 85 percent of the total exchange-traded XRP volume, that number dropped to 63 percent in Q2. Furthermore, fiat-for-XRP volumes in the second quarter were 21 times greater than XRP/BTC volumes in Q1.
This shift indicates that XRP is now more accessible to a larger and broader audience. The main driver of this increase in fiat volumes was the increased activity on South Korean Exchanges, the company explained.
In today’s trading, the ripple price (XRP) stood at $0.188, as of 11:42 BST. The cryptocurrency has gained nine percent over the past 24 hours, according to data from Coinmarketcap.
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