Ripple’s Revenue Doubles From XRP Sales in Q3 2018
American blockchain firm ripple disclosed that its revenue from XRP token sales doubled in the third quarter (q3) compared to the second quarter (q2) of 2018, per the company’s quarterly report published October 25. In the Q3 2018 XRP markets report, RippleNet has disclosed that it sold XRP worth $163.33 million, which is greater than twice the $73.53 million it sold in the earlier quarter. While ripple sold $65.27 million worth XRP, its subsidiary XRP II LLC sold $98.06 million worth XRP.
The Q3 sales volume represents 0.172% of the total XRP volume traded universally, up from 0.125% in the previous quarter.In the q3, ripple sent out 3 billion — 1 billion every month — of XRP out of escrow, matching the quantity released in the previous quarter. In the report, Ripple states that the remaining 400 million XRP which is not returned to escrow is being utilized in multiple ways to strengthen the ecosystem.
In the similar quarter last year XRP II, LLC sold $19.6 million worth XRP tokens directly and $32.6 million in automated way. For Q3 2017, the sales represented 0.20% of the total $16.50 billion traded.
Ripple further notes that the volatility of XRP was feeble during most of Q3 2018, with a strong rise in the final two weeks of the quarter, leading to a rally in price. Last month, Ripple revealed that it will head a team of new crypto firms called the Securing America’s Internet of Value Coalition to petition legislators and financial regulators in D.C.
The team intends to moderate the government’s position in order to cheer innovation and assist competition in the ecosystem of global crypto markets. Under the program, Ripple will compensate Klein/Johnson Group, a bipartisan campaign group, to aid the crypto and blockchain community in informing to regulators that the blockchain sector needs legislative support. The team will reportedly receive around $25,000 a month and 10,000 in XRP from the association.