Ripple quarterly sales shot 48% up amid soaring institutional interest
|- XRP sales ballooned from $169.42 million in the first quarter of 2019 to $251.51 in the Q2.
- Ripple attributes the increase to immense institutional interest.
The second quarter report from Ripple, the blockchain company that issues XRP tokens was released on July 24. According to the report, XRP sales ballooned from $169.42 million in the first quarter of 2019 to $251.51 in the Q2 of 2019. This represents a 48% surge in the sales of XRP.
Ripple attributes the increase to immense institutional interest. XRP sales worth $106.87 million were disposed to institutional clients directly which is a colossal 73% increase from $61.9 million in the Q1. In addition to that, $144.64 million worth of XRP was sold via programmatic sales.
The company encountered inflated sales volume warranting a temporary pause on programmatic sales. Besides, caps were introduced on institutional sales to cater for problem evaluation.
“Ripple later resumed XRP sales at a rate that was 50% lower versus previous guidance, at 10 basis points of CoinMarketCap reported volumes,” the company reported.
In addition to that:
“Ripple plans to take a more conservative approach to XRP sales in Q3.” At the same time, Ripple will move out of some of the over-the-counter (OTC) markets. Instead, the company plans to concentrate on the markets that are in need of liquidity; a move that is likely to impact institutional sales in the Q3.
Read more: Ripple price analysis: XRP/USD range-bound after a short-lived recovery
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