Ripple’s market report for the second quarter of 2019 shows that the cryptocurrency firm experienced a price gain of 28.20% over what it had in the first quarter. Adding to that, the list of crypto exchanges that trade Ripple (XRP)trade across the globe increased to more than 130 in the second quarter.
This enormous growth is accredited to the roles played by institutional and programmatic sales amongst others. The report indicates that institutional direct sales accounted for $106.87 million XRP sales while the remaining $144.64 million was attributed to programmatic sales, making up the $251.51 million sales recorded in the second quarter of 2019.
Also, the escrow accounts managed by the firm released three billion XRP within the second quarter and over 2 billion XRP came back and are now being held in different escrow accounts. The fraction, which amounted to 900 million XRP was reportedly spent on a number of projects all aimed at developing use cases for XRP. These include the new strategic crypto partnership RippleNet entered with MoneyGram and Xpring initiatives.
While there has been a significant rise from what the company had in the first quarter, these values seem to be lower due to false inflated valued posted in the first quarter. Ripple has decided to take some measures to ensure the public gets the right info. If there is anything they wish to be known standing for, it is transparency.
For starters, the company has announced it will work with CCTV benchmark going forward. Ripple’s evaluation shows that CryptoComapre’s Top Tier (CCTT) offers a more comprehensive outlook on the quality, management, regulatory environment, and structure of exchanges that fishes out a majority of falsified volumes. Therefore, Ripple will henceforth work with CCTT’s (which is currently rated “AA,” “A,” and “B”) benchmark.
In addition, Ripple is set to cut back on the sales of XRP in the next quarter and will focus on programmatic sales at 10 basis points of CCTT reported volumes.
Overall Huge Rise of the Crypto Market Due to Big Institutional Players
The second quarter of 2019 was a big treat for the crypto market, rising up by 122.86% from its total market capitalization value in the first quarter of 2019.
This huge rise has been attributed to the entrance of several industry players into the crypto field. More and more big institutional players are getting their feet dirty in the game. A ton of projects have been initiated and many more in the pipeline. Indeed, it has been a good year for the crypto community.
And this positive effect also impacts the Ripple community.