Ripple has witnessed the revenue from XRP’s sale increase by more than double in the last quarter compared to Q2 of this year.
Ripple published its Q3 2018 XRP Markets Report on Thursday, revealing that it has sold $163.33 million in XRP, from only $75.53 million in Q2. The increase mostly came from institutional direct sales, where Ripple subsidiary XRP II sold $98.06 million from merely $16.87 in the previous quarter. Quarter-over-quarter, it saw a relatively less increase in programmatic sales, growing from $56.66 million to $65.27 million.
That said, the company has yet to match its Q1 sales of $167.7 million.
Ripple still comes out ahead year-over-year. Entering the peak of the crypto market bull run in Q3 of 2017, it sold $32.6 million in programmatic sales and $19.6 million in XRP in direct.
In its previous market reports, Ripple mentioned new clients, stating that it witnessed its “best quarter ever in Q2” regarding customer growth. However, the new report did not present adding any new customers.
Last quarter, the company also reported issuing 3 billion XRP out of escrow accounts, but 2.6 billion tokens were put in new escrow accounts. According to the report, the remaining 400 million XRP tokens are “being used in a variety of ways to help support the XRP ecosystem.”
The report noted that although XRP’s price dropped through the majority of Q3, matching the total crypto market cap, it rallied before the end of September.