Ripple Sells $251.51 Million Worth of XRP in Q2, Aims for More Conservative Approach
Ripple released its second quarter 2019 financial report on Wednesday. The company sold $251.51 million worth of XRP in Q2, an increase of more than $80 million compared to Q1.
Ripple, however, plans to be more conservative going forward. The company announced a shift in directions after intense scrutiny and criticism of the way crypto exchanges report trading volume data. A recent report from crypto index and beta fund provider Bitwise found that about 95% of the volume reported on CoinMarketCap is fake.
Ripple says it plans to utilize new ways to evaluate trading volume and intends to take a more conservative approach to selling its XRP holdings going forward.
“Ripple worked with trusted partners to evaluate new sources of legitimate trading volume. After evaluation, Ripple decided CryptoCompare’s Top Tier (CCTT), the exchanges rated ‘AA,’ ‘A,’ and ‘B’ by its Exchange Benchmark, offers a more complete look on the quality, regulatory environment, management, and structure of exchanges that filter out a majority of unverified volumes.
Publicly available sources of trusted trading volume are still in relatively early stages, but CCTT is in line with what Ripple believes to be more accurate XRP trading volumes…
Ripple decided to pull back from providing XRP over-the-counter at scale toward the end of Q2, in light of the OTC desks’ ability to source institutional demand for XRP in the open markets. Going forward, Ripple plans to focus institutional sales on markets where the on-exchange liquidity for XRP is insufficient to meet institutional demand.”
Ripple also notes that the overall market capitalization of digital assets increased by 122.86% from Q1 and that XRP price gained 28.20% over the course of Q2.
You can check out the full report here.