Ripple presented a financial report for the second quarter of 2019. As stated in the document, during the reporting period, XRP sales brought $ 251 million, compared with $ 169 million in the first quarter.
As the company notes, more than $ 100 million of the total amount accounted for “direct sales to institutional investors”, 144 million – for “programmable sales”, that is, sales made by Ripple partners based on the total XRP trading volume.
Ripple clarified that each quarter monthly removed 1 billion from escrow for a total of 3 billion XRP. Of these, 2.1 billion were reported to be reinvested in escrow agreements. The remaining 0.9 billion were used to fund XRP development through partnerships with incubators, Xpring and RippleNet.
Ripple representatives also noted:
Taking into account reports of overstated volumes, which Ripple treats with all seriousness, at the beginning of the second quarter, the company temporarily suspended programmable sales and imposed limits on institutional sales to assess the problem. Later Ripple resumed sales, reducing their scale by 50% relative to the previously used benchmarks, at the level of 10 basis points from the volumes transferred to CoinMarketCap.
Also, to determine reliable data on trading volumes, Ripple began to use the Top Tier tool from the portal CryptoCompare (CCTT).
In the future, Ripple will trust only this tool and promises to limit sales:
Ripple plans to take a more conservative approach to selling XRP in the third quarter.
Representatives of the company also noted in the report that in the second quarter, the volatility of the XRP rate slightly decreased, as well as the correlation with the rate of Bitcoin, while with the ether – remained.