Ripple Q2 2018 Markets Report Shows Strong Performance alongside Weakened XRP
Blockchain-based payments startup, Ripple, released its Q2 2018 report on July 24, 2018, detailing several insights into the company’s performance. The report shows, among other things, that the company sold $75.53 million in XRP tokens in the midst of low volatility in that period.
Implications for Ripple
Ripple has long inhabited a single part of the cryptosphere and has been looked at with suspicion and disdain by both industry contemporaries and outsiders in conventional finance. To some, it is merely a cryptocurrency company with a gimmick. To others, it is a crypto “sellout,” trying to integrate and merge with the conventional finance world instead of disrupting it.
These results, however, tell a story of a company that is finally coming into its own, having found its place and come of age. The most significant insight from the report is the fact that Q2 has been Ripple’s most successful quarter ever regarding customer signup, and yet its XRP token suffered a similar fate to most crypto assets, losing substantial amounts of value.
What this means to investors is that Ripple’s longstanding claim that XRP is independent of Ripple now has the backing of numbers, which indicates that Ripple is succeeding at what it has set out to do. Over the second quarter, sales of XRP tokens made up 0.125 percent of total market XRP volume or $56.66 million. While 3 billion XRP were taken out of the escrow fund, 2.7 billion XRP were put back into new escrow contracts, amidst extremely low volatility.
Despite XRP’s overall decline of nine percent in the period, the token’s volatility was down to an all-time low, and the global XRP market continues positively roaring along at $45.3 billion.
Ripple Performance Indicators
In Q2, Ripple welcomed a number of new clients and partners including Coil, a micropayment solutions provider, and Scooter Braun, an entrepreneur and entertainment talent manager who wants to use XRP to help artists better monetize and manage their content. Both partnerships are supported by Xpring, a Ripple initiative that supports entrepreneurs and innovators who want to help build out the XRP token ecosystem in the process of creating value for themselves.
In general, XRP suffered significant losses, as did the entire crypto market, which went down from $603.7 billion to $254.7 billion in the space of five months. While the decline was noticeable, it was also navigable, and Q3 figures will likely show an uptick in line with the rest of the crypto market as bitcoin continues its strong recovery.
Ripple is entering an important time in its existence as its expected Golden Fleece of institutional finance partnership seems to be on its way in. Over the past few months, BTCManager has reported announcements from Goldman Sachs, JPMorgan Chase, and NASDAQ, all nodding toward entering the crypto market fully.