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Ripple reported XRP Sales decline in the Q2 of 2018, when compared to the Q1.
The Q2 2018 XRP Markets Report, published Tuesday, explains that the company sold $75.53 million in XRP, compared to the previous quarter’s $167.7 million – marking a decrease of 54.96 percent. Similarly, overall market volume also dropped in the second quarter, especially when compared to the fourth quarter of 2017 and first quarter of 2018.
Within the $75 million total, however, direct sales from Ripple subsidiary XRP II rose to $16.87 million, up from $16.6 million in the first quarter. Meanwhile, programmatic XRP sales fell from $151.10 million to $56.66 million (down 62.5 percent), and only accounted for roughly 0.125 percent of the global XRP volume.
The report stressed the low volatility of XRP in Q2, pointing out a 9.0 percent price decline in line with Bitcoin’s 8.2 percent drop.
Ripple also addresses the XRP tokens it is holding in escrow, saying 3 billion were released but 2.7 billion were returned into escrow during the quarter.
The company said the fact that Ripple’s successful quarter, combined with XRP’s price decline, “underscores XRP’s independence from Ripple.”
In Q4 2017, Ripple placed 55 billion XRP in an encrypted escrow account, meaning that the company can only access 13 percent of total XRP in circulation. Ripple noted that the 300 million XRP remaining out of escrow has been used to support the XRP ecosystem.
The report also mentioned some new participants to the XRP ecosystem in Q2, including micropayment application Coil, and content monetization platform SB Projects. Ripple noted that both new entrants are supported by Ripple’s venture initiative Xpring, which is responsible for partnerships with companies and projects “run by proven entrepreneurs.”
Regarding the overall market in Q2, Ripple emphasized XRP’s independence from Ripple itself. The report notes that the XRP token price decline was in line with the overall trend in crypto markets, pointing at the drop of total market cap of all cryptocurrencies from $603.7 billion in January 2018 to $254.7 billion by mid-year. The report notes that Ripple had its best quarter ever in Q2 in terms of customers signed:
“It’s also important to note that despite Ripple having its best quarter ever in Q2 — in terms of customers signed — XRP’s price continued to decline with those of other digital assets, underscoring XRP’s independence from Ripple.”
Ripple, which utilizes the XRP ledger for some of its payment products, notably has been pushing back recently against claims that the cryptocurrency is tied to the company. Chief executive Brad Garlinghouse said last month at a conference that the ledger is not dependent on the company, going so far as to say that XRP is not a security.