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By CCN.com: Ripple released its fourth quarter market report this week. One thing is clear: the bear market is affecting Ripple as much as anyone. The company's total XRP sales were approximately $ 129 million compared to the previous quarter, which generated sales of $ 163 million.
XRP sales down in Q4 but still wildly lucrative
With overall sales down more than 24 percent, XRP again recorded a significant volume of transactions in the fourth quarter. Ripple reports an average daily volume of nearly $ 600 million for the quarter. Ripple Labs sales were less than 1% of this volume. At the time of writing, XRP has realized a volume of $ 368 million over 24 hours.
Sales of $ 40 million were made by Ripple II, a money services business owned by Ripple, directly to the institutions. Of the $ 3 billion XRP that Ripple was allowed to exit from the third escrow to finance its operations, only $ 600 million was used in the fourth quarter. The remaining $ 2.4 billion has been returned to new escrow accounts. Ripple expects either better market prospects to use these reserves, or simply does not need more than $ 180 million (about 600 million XRP value).
The XRP was added to 30 exchanges during the fourth quarter, which earned them more than 100 total trades listing the bank-friendly token. In addition, their xRapid product has finally arrived on the market and has been adopted by three companies: MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union. xRapid uses XRP as the settlement layer for large-scale payments between institutions. It's one of the most exciting prospects for Ripple Labs.
ICOs of hues selling chips
Ripple has somewhat obscured the questionable ICOs, saying:
The market continued to mature in the 4th quarter. First, we have seen an increase in the number of enforcement actions taken against questionable cryptographic projects, including ICOs. By eliminating these projects, the market will naturally contract as legitimate projects develop and experiments or scams disappear.
Ripple Labs has been funded by traditional venture capitalists. A significant part of its first revenue was the sale of tokens, which is essentially the same business model as country offices. They continue to rely on token sales to institutions and tokens themselves to finance their operations.
The cryptocurrency Ripple (XRP) is down more than 40% from the peak of $ 6.61 reached in September by its peak. It remains far from its all-time record of several dollars, which has pushed the market capitalization of the high bid template to the fore. Despite persistent price problems, it ranks second in overall market capitalization because of the even greater difficulties faced by the former Ethereum.
These figures are generally representative of the global market. The issue of real XRP liquidity is an important issue, as with all coins outside of Bitcoin. Bitcoin is traded on hundreds of markets against the dollar, while many altcoins, including the XRP, are traded for other crypto-currencies, all of which are worth USD Bitcoin.
Featured image of Shutterstock. TradingView Price Charts.
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