BY CNA Team - October 26, 2018
Ripple sells US$163.33mil XRP tokens in Q3
Ripple Labs sold US$163.33mil worth of XRP tokens in the third quarter ended Sept 30, a 212.9% jump compared to the same quarter of last year.
Compared to the second quarter, sales of the tokens were up more than 122%. The startup sold US$98.06mil through institutional direct sales, with another US$65.27mil sold programmatically.
The total sales comprised 0.43% of the US$38bil XRP tokens’ global volume.
According to the startup’s third quarter XRP market report, XRP price volatility was light throughout most of the quarter, trading in a tight correlation with the rest of the crypto markets but rallied in the last two weeks.
In contrast, total crypto market capitalisation fell again in the third quarter, declining 12%.
It says that 3 billion XRP tokens were released out of escrow in the quarter under review, with 2.6 billion subsequently put into new escrow contracts.
Ripple says the remaining 400 million tokens not returned to escrow “is being used in a variety of ways to help support the XRP ecosystem”.
Image courtesy of Ripple website.