• Ripple Labs published its quarterly reports with data on XRP token sales.
  • The company slashed programmed sales to address the fake trading volumes issue.

Ripple Labs announced that it sold XRP tokens worth of $251.51 in the second quarter. In the first quarter, the sale brought the company $169 million.

According to the recent publication, over $100 million were attributed to direct XRP sales to institutional investors, while $144 million were obtained from the so-called “programmatic sales”, made by Ripple partners based on global XRP trading volume.

"The Q2' 19 XRP Markets report outlines the steps we are taking to address the issue of inflated reported volumes and dives deep into XRP performance this quarter," the company wrote on Twitter

The company also noted that the company temporarily suspended programmatic sales and imposed limits on institutional sales to assess the problem of inflated trading volumes on the cryptocurrency exchanges that surfaced in the second quarter.

Later the company resumed the sales; however, their volumes were slashed by 50% as compared to the previously used benchmarks.

Additionally, to provide reliable data on the trading volumes, Ripple has adopted the Top Tier (CCTT) tool offered by the CryptoCompare portal, which includes the high-rated exchanges.

Thus, according to CCTT, the average daily trading volume of XRP in the second quarter was registered at $429.51 million compared to $ 156.01 million in the first quarter; however, the CoinMarketCap data registered $1.74 billion.

"For now, Ripple will use CCTT as its benchmark, and will continue to work proactively with industry participants toward resolving the issues around unreliable industry volume data," the company noted.

Ripple plans to adhere to a conservative approach to XRP sales.

Apart from that, in the second quarter, XRP token was listed on 12 new exchanges. Consequently, now it is tradable at 130 trading platforms.

It is worth noting that Ripple Labs signed an agreement with technology start-up Coinfirm to monitor the use of the XRP token. Allegedly, the data will be collected to counter money laundering. The information gathered by Coinfirm will not include the identification data associated with the public addresses where tokens are stored.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

BTC needs to defend critical support level at $10,600

Bitcoin was trading inside an ascending triangle pattern between September 3 and September 15, which is created when the price establishes higher lows and a horizontal trendline around the swing highs. 

More Bitcoin News

UNI ready for a bullish assault, once $5.7 is cleared

UNI, the native token of a popular DeFi project Uniswap, rebounded from the support of $4.7 to trade above $5.5 during early Asian hours. By the time of writing, the token retreated to $4.9.

More Uniswap News

BNB full-blown sell signals aim for $22

Binance Coin had a particularly yielding trading period at the beginning of September. Although BNB showed signs of ascending to new yearly highs, the uptrend stalled at $33.50. 

More Binance Coin News

Bitcoin gets back in the game

This weekend saw one attempt by Bitcoin to break the $11000 barrier by taking advantage of the gap that Ethereum left with its sudden attempt to reach the $400 price level.

More Bitcoin News


Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast