Ripple Reports 31% Increase in XRP Sales in Q1

Blockchain payments company Ripple has stated a 31 percent growth in sales of XRP over the first quarter of 2019.

The company, which is based in San Francisco, announced April 24 that it sold a total of $169.42 million in XRP in the first quarter, compared to $129.03 million in the previous quarter.

Furthermore, Ripple said that the total direct institutional sales of XRP amounted to $61.93 million in the first quarter—54 percent higher than the preceding quarter. On the other hand, programmatic sales of the cryptocurrency witnessed a 21 percent increase, with $107.49 million sales, compared to its previous $88.77 million.

However, the total volume of XRP traded worldwide decreased by roughly 2 percent to reach $53.85 billion in the first quarter, as compared to the previous quarter’s $54.82 billion.

Furthermore, XRP sales have not shown a significant increase based on year-on-year figures. In the first quarter of 2018, the company sold $167.7 million-worth of XRP, which is just 1.03 percent less than the first quarter of 2019.

Ripple stated that it released 3 billion XRPs out of escrow accounts in the first quarter of this year and an additional 2.30 billion XRPs were moved back into new escrow accounts. “The remaining 700 million XRP not returned to escrow are being used in a variety of ways to help support the XRP ecosystem,” the company clarified.

XRP, the third biggest cryptocurrency by market capitalization, is now listed on roughly 120 exchanges, as 19 new exchanges have listed the cryptocurrency in the first quarter of this year, based on Ripple’s data.

Ripple said that the first quarter of 2019 was also the second-lowest volatility quarter since the last quarter of 2013 for XRP, as “rolling volatility of 30-day returns steadily declined throughout the quarter.”