It is always good to see more transparency in the world of cryptocurrency, tokens, and digital assets. While Ripple might not be the most popular company in this space, its XRP asset is still performing in line with expectations. According to the company’s Q2 2019 report, things are still going according to plan across the board.
XRP Sales Continue to Increase
Despite the extended crypto winter which kept all markets in its grip from late 2017 until mid-2019, the sales of XRP are still advancing rather nicely. The Ripple report confirms the sales have increased between Q1 and Q2 2019, further confirming this asset doesn’t suffer as much from the cryptocurrency industry’s wild fluctuations. The company sold over $251m worth of XRP in Q2, although the firm will reduce future sales of their asset accordingly.
A Jab at CoinMarketCap
It has been an interesting 18-month cycle for all cryptocurrencies, tokens, and assets. Particularly the discussions regarding potentially fake trading volumes, incorrect supply calculations, and misrepresentation of market information by the popular tracking websites such as CoinMarketCap. To address this problem, Ripple now looks at CryptoCompare as the primary benchmark for XRP market volume. One could say the company has fired a shot at CMC in this regard, although it seems RIpple simply wants to be transparent in this regard. It will be interesting to see how this particular change plays out in the months ahead.
Some of the statistics provided in the report confirm there is a big gap between CryptoCompare and CoinMarketCap. Especially in terms of total XRP volume and the total sales as a % of total volume, the difference cannot be overlooked. All of this also seems to confirm the figures generated in Q1 2019 through CoinMarketcap data might have been off the mark by quite a margin, albeit that has not been officially confirmed at this time.
Escrow Cycles Continue Unabated
Regarding the supply of XRP being held in escrow, the cycle has continued for another quarter. According to the information provided in the report, 3 billion XRP was available for purchase, of which 2.1 billion were returned to locked contracts afterward. It is good to see these cycles continue, as the company had indicated the escrowed contracts would remain in place for several years. So far, it seems Ripple is on track in that regard.
Volatility Appears Under Control
Whereas traditional cryptocurrencies and tokens are subjected to massive price volatility, XRP seems to be doing rather well in this regard. Although volatility of daily returns of 5.01% is far from stable, it is in line with most other assets on the market today. Interestingly enough, XRP is less and less correlated to Bitcoin, even though it seems the ties between XRP and ETH have been strengthened a bit in Q2. Very peculiar details which are well worth keeping an eye on over the next few months.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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