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.
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.