By : released its this week. One thing is clear: the bear market is affecting as much as anyone else. Total sales of XRP from the company amounted to around $129 million versus the previous quarter, which saw sales of $163 million.
XRP Sales Down in Q4 But Still Wildly Lucrative
With overall sales down by over 24%, XRP still saw massive volume in the fourth quarter. reports an average daily volume of nearly $600 million for the quarter. Sales from Labs accounted for less than 1% of this volume. At time of writing, XRP had done a 24-hour volume of $368 million.
$40 million in sales were conducted by II, a money services business owned by , directly to institutions. Of the 3 billion XRP that was authorized to bring out of escrow to fund operations, only 600 million was used in Q4. The remaining 2.4 billion went back to new escrow accounts. is either waiting for a better market outlook to make use of these reserves or simply doesn’t have a need of more than $180 million (roughly the value of 600M XRP).
XRP was added to 30 exchanges during the fourth quarter, putting them over 100 total exchanges listing the bank-friendly . Additionally, their xRapid product finally hit the market and saw by three firms – MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union. uses XRP as a settlement layer for large-scale payments between institutions. It is one of the most exciting prospects for Labs.
Token-Selling Ripple Shades ICOs
cast a bit of shade on questionable ICOs, saying:
The market continued to mature in Q4. First, we saw an increase in enforcement actions against questionable crypto projects, including ICOs. By weeding out these projects, the market will naturally contract as legitimate projects thrive and experiments or scams disappear.
Labs itself was funded by traditional venture capitalists. A large portion of its early revenue was selling , which is essentially the same business model as ICOs. They continue to rely on sales to institutions and the itself to fund operations.
The (XRP) is down over 40% from its 6-month high in September of over $0.61. It remains a far cry from its all-time high of several dollars, which thrust the market capitalization of the high-supply to the front of the line. Despite ongoing price problems, it holds the #2 spot in overall market capitalization due to bigger bear market woes faced by former #2 .
These figures are generally representative of the overall market. The question of actual XRP liquidity is a big one, as it is with all coins outside of . is traded on hundreds of market against the dollar, while many including XRP are traded against other , which all derive their USD value from .
Featured Image from Shutterstock. Price Charts from .
Published at Sat, 26 Jan 2019 18:19:41 +0000
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