[ad_1]
Ripple, the company behind the development of XRP, the third most valuable cryptography badet on the global market, has officially released its XRP Market Report for the first quarter of 2019.
The document states that Ripple sold $ 169.42 million from January to March and that institutional sales accounted for $ 61.93 million, or more than 36% of its total sales.
On a quarterly basis, Ripple recorded a 54% increase in institutional investments, indicating an overall increase in institutional investors' crypto demand.
Bad year up to now for Ripple and XRP?
The XRP saw its earnings triple at the start of the fourth quarter in 2018. But, as the market began to stagnate in December, the price of the XRP performed poorly against the US dollar.
Since the beginning of the year, the XRP is down 13.67% based on OnChainFX market data. In comparison with Bitcoin, Ethereum and Bitcoin Cash, which recorded respective gains of 48%, 23% and 78%, the XRP had a poor start to the year in 2019.
But, according to the report, the average daily volume of XRP has increased to $ 595 million, up from 2018.
"While the price of XRP declined, the average daily volume of the XRP was $ 595.28 million, which is the daily volume of the XRP from the fourth quarter of 2018. In addition, the correlation of XRP with d & # x Other digital badets remained high throughout the quarter, "the report said.
It is unclear whether the daily volume of XRP calculated by Ripple accurately portrays the landscape of the cryptographic exchange market, particularly the presence of large fictitious orders and inflated volumes on the market.
In March, Bitwise Asset Management estimated that 95% of the volume in the cryptography market is likely to be simulated or inflated.
1 / New search from us @ BitwiseInvest.
As part of the 226 slides to the SEC on our ETF filing, we conducted an unprecedented badysis of * order book data * from all 81 exchanges reporting over $ 1 million. dollars in volume from BTC on CMC.
TLDR: 95% of reported volume is wrong but MUCH good news! pic.twitter.com/TuXLlDCRyP
– Bitwise (@ BitwiseInvest) March 22, 2019
Institutional interest is crucial for rippling
For Ripple, the institutional interest and demand could be as important as the retail interest, because the value of the Ripple blockchain network and the solutions that add to it, mainly Liquidity solutions come from banks and financial institutions involved in the Ripple blockchain.
The noticeable increase in investment in Ripple by institutions in the first quarter of 2019 suggests that institutions have become more comfortable with two major aspects of PRX:
- The regulatory nature of the XRP and the pending case that would clarify whether or not the XRP is considered security under US regulations.
- The long-term roadmap of Ripple blockchain and XRP as liquidity solutions for banks
The addition of 13 financial institutions by Ripple on RippleNet early in the first quarter of 2019 has likely played a key role in stimulating the interest of institutions, particularly the Japanese market.
The Ripple team said:
At the beginning of the quarter, Ripple announced that RippleNet had exceeded 200 customers worldwide, with the addition of 13 new financial institutions subscribing to the company's payment network. These companies include Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual / USEND and Rendimento.
For the long-term viability of Ripple and XRP, it is of utmost importance to investors that Ripple continues to build high-level partnerships with banks and find convincing ways to prove that XRP is not security in the United States.
The Ripple team said that while smaller companies and well-defined non-use case projects have suffered in the bear market over the past 16 months, it is convinced that the bear market will benefit the market in many ways.
"All in all, it's positive for the industry because legitimate businesses are growing in popularity, scams and non-business companies are failing," the document reads.
[ad_2]
Source link
