Ripple Sees 31 Percent Surge in Quarterly XRP Sales

The Q1 sales accounted for 0.32 percent of global XRP volume.

San Francisco-based crypto company Ripple has released its market report which shows that it has sold 169.42 million XRP tokens in Q1 2019.

The quarterly sale of the token surged by more than 31 percent as in Q4 2018 the company managed to sell only 129.03 million XRP.

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The April 24 report detailed that direct institutional sales accounted for 61.93 million tokens in the last quarter, while programmatic sales programs traded 107.49 million tokens.

Currently, 53.85 billion XRP tokens are in circulation as the firm released 3 billion tokens from its escrow in the quarter – 1 billion XRP for each month. However, 2.30 billion XRP were returned and put into new escrow contracts.

In 2017, Ripple escrowed 55 billion XRP tokens – 55 percent of the total supply – and pledged to release 1 billion tokens each month for the next 55 months.

“The escrow consists of independent on ledger escrows that release a total of one billion XRP each month over the next 55 months. This provides an upper limit on the amount of new XRP that can be brought into circulation. The amount of XRP actually released into circulation will likely be much less than this,” Ripple explained. “Any additional XRP leftover each month will be placed into a new escrow to release in the first month in which no escrow currently releases.”

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Increasing listing platforms

The blockchain-based payment company also revealed that 19 digital asset exchanges have listed XRP in Q1 2019, pushing the total number of exchanges to around 120.

Meanwhile, XRP token is struggling in the market to hold a strong price point. In the last 24 hours, the coin shed three percent of its value and plunged around 12 percent on the weekly chart, as per Coinmarketcap.com.

 


Earlier this month, Ripple released a new version of XRP ledger to implement the MultiSign Reserve Amendment, which lowered the minimum XRP necessary for a transaction signing.

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