13.3 C
Manchester
November 1, 2020
Image default
Altcoin

Ripple slows down XRP dumps and records lowest sales ever

Ripple reported the lowest quarterly XRP sales ever in the first quarter of 2020

Ripple released its first quarter markets report, and the state of XRP is mixed. This year Ripple’s XRP continues to be the worst performing altcoin in the top 10 by market cap after a terrible year in 2019. Its community has begun to abandon the project – fed up with the company’s token dumps.

But Ripple now appears to have taken control of its sales in an attempt to restore faith in its cryptocurrency.

In its report released yesterday, the company revealed that it had the lowest XRP sales ever in the first quarter of this year – from $ 13.08 million in the fourth quarter of 2019 to $ 1.75 million in XRP in the first quarter. quarter of 2020.

This drop in sales occurs when the company stops selling XRP on crypto exchanges. Sales to exchanges – known as programmatic sales – have been disrupted since the second quarter of 2019. They represented the majority of Ripple’s sales volumes, but these token dumps were a point of contention in the community, as this affected the price performance.

The report also stated that Ripple has focused on the over-the-counter (OTC) channel for XRP sales “in strategic regions, including EMEA Europe, Middle East [e África] and Asia ”.

Meanwhile, global XRP trade volumes increased 72% in the first quarter of 2020, to $ 29.68 billion. They stood at $ 17.24 billion in the fourth quarter of 2019.

The report further noted that its transactions on the liquidity-on-demand payments (ODL) network have tripled in transaction volume. “Customers continue to see the value of XRP through significant cost savings, eliminating the need to pre-finance international accounts,” said the report, adding that “the dollar value transacted increased by more than 294%.”

XRP sales have been controversial for a long time among traders. Fake XRP volumes have been a problem in the past, according to the crypto analysis company Messari. In addition, XRP investors have been very strong on social media about Ripple’s sales on exchanges that negatively affect the price of XRP.

But Ripple’s CEO Brad Garlinghouse argued that Ripple wouldn’t be profitable or have a positive cash flow without selling XRP, according to the Financial Times, indicating that its XRP sales were helping to finance the business.

Source: Decrypt

Related posts

Ethereum transaction fees rise wildly

Anupreet Kaur

Tether breaks volume record on the Tron network

Anupreet Kaur

Record-breaking Ethereum activity

Anupreet Kaur

Leave a Comment