Ripple company has published a quarterly financial report. The total trading volume of altcoin decreased, but interest in it increased.
The Q2' 19 XRP Markets report outlines the steps we are taking to address the issue of inflated reported volumes and dives deep into XRP performance this quarter. https://t.co/K07ESf4g70 pic.twitter.com/wVXYAPfeIv
— Ripple (@Ripple) July 24, 2019
The total cryptocurrency market demonstrated significant growth in the second quarter. According to coinmarketcap.com analytical service, the XRP value increased by 28.20% in the period. At the end of 2Q, the token was trading at $ 0.40. The average daily trading volume was more than $ 1.7 billion.
It is worth noting that the coin has been added 12 new exchanges have added XRP. To date, trading with a digital asset is supported by 130 trading platforms.
Ripple sold $ 251.5 million XRP tokens in the second quarter, according to the company’s financial statement. In the first quarter, this figure was $ 169.
Image Source: Ripple
Ripple’s Business Progress
Three billion XRP were exempt from cryptographic escrow, 2.10 billion returned for escrow. The remaining 900 million XRPs are used in various ways to develop XRP options, including Xpring initiatives and RippleNet partnerships (such as MoneyGram). All data are based on transactions made during the second quarter.
The number of transactions in RippleNet also increased. Their number in xRapid was 170% more than in 1 quarter. Ripple expects growth to continue as more and more partners and customers start working with the network.
Partnerships include a partnership with MoneyGram (NASDAQ: MGI), one of the world’s largest money transfer companies. The focus of the new agreement is the xRapid product based on the XRP token, which helps MoneyGram make cheap cross-border payments.
In a strategic partnership, Ripple will become @MoneyGram's global partner for cross-border payment and foreign exchange settlement, using XRP. https://t.co/4YlnFWy1ha https://t.co/aJnchpzj5k pic.twitter.com/cyald9sikr
— Ripple (@Ripple) June 17, 2019
Ripple reviewed some of the positive trends in the regulation of crypto industry, according to the survey sections. However, the second quarter was marked by growth in regulatory activities, landmark partnerships and high-profile announcements from new entrants and key players in the industry. These actions underline the continued maturation of the blockchain and cryptocurrencies. Besides, Ripple has taken proactive steps to address inflated volume issues, reducing future XRP sales and changing the volume benchmark.
Ripple’s goal is to be similar to traditional FX markets, as XRP is designed for global calculations. Therefore, Ripple is constantly looking for new partnerships to maintain XRP liquidity.
In the near future, Ripple intends to focus institutional sales in markets where liquidity on the stock exchange for XRP is insufficient to meet institutional demand.