Institutional Interest in XRP Is Surging, Ripple Reveals in New Quarterly Sales Report
Ripple just released its XRP Markets Report for the third quarter of 2018, revealing a big jump in institutional interest.
According to the report, Ripple doubled its sales of XRP and sold a total of $163.33 million worth of the digital asset, compared to $73.53 million in the previous quarter.
The vast majority of the increase came from sales made directly to institutions. In the third quarter, Ripple sold $98.06 million to institutions, compared to just $16.87 million in the second quarter.
Ripple CEO Brad Garlinghouse recently hinted at a big jump in institutional sales of XRP, saying the company is seeing a record rate of interest from prospective buyers. “Q3 will definitely be a record of institutional participation in buying and interest in holding XRP,” Garlinghous teased back in August.
XRP Markets Report
Ripple released a total of 400 million XRP out of escrow in the last quarter. Those coins are being used “in a variety of ways to help support the XRP ecosystem,” according to the report.
Ripple owns 60% of the total supply of XRP, with approximately 91% of that investment locked in escrow.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Check Out the Latest Headlines
Join us on Telegram
Leave A Comment
You must be logged in to post a comment.