Ripple, the San Francisco-based distributed ledger startup, yesterday published its market report for the final quarter of 2017.
The company behind the third-largest cryptocurrency on the market said that it had sold $91.6 million worth of XRP in the period, up from $52.2 million in the previous quarter. Some $20.1 million were sold directly to institutional investors, while the remaining $71.5 million worth of XRP were sold in a series of small daily sales.
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The meteoric rise of the Ripple price was one of the highlights of the fourth quarter. After its rally accelerated in the latter part of December, the coin finished the quarter at $1.92, posting an 887% increase from the previous quarter and a staggering 29,631% year-on-year gain.
“XRP markets ended the year with a statement — one that will likely be remembered as a defining milestone in XRP’s history,” Ripple said in the report.
Another key development was the “dramatic increase” in XRP trading volume that was seen in Q4. During the quarter Ripple’s daily trading volumes averaged $807.6 million, due in large part to demand skyrocketing in December. Since December 11, XRP’s volumes averaged $2.77 billion per day, the company said. In comparison, in Q3 Ripple’s trading volume averaged $179.3 million per day.
“Of all the developments in Q4, the dramatic increase in volume likely had the most impact on XRP’s likelihood of becoming an international standard for digital-value transfer,” Ripple said, adding that the cryptocurrency would need greater volume and depth of order books to become a highly efficient settlement asset for cross-currency transactions.
“These market attributes increase its ability to support much larger cross-border payments and thus increase its utility broadly.”
In today’s trading, the Ripple price stood at $1.33 as of 13:55 GMT. The cryptocurrency has lost 4.2% in the past 24 hours.