Ripple’s revenue from XRP sales in the second quarter increased by $ 82 million
Fintech company Ripple Labs released its new quarterly report this Wednesday. Ripple has vast reserves of XRP cryptocurrency, the sale of which is one of its main sources of income..
According to the publication, in the second quarter, Ripple managed to gain over $ 251 million from the sale of XRP against $ 169 in the first quarter. More than $ 100 million of this number fell on “direct sales to institutional investors”, $ 144 million – on “programmed sales”, that is, sales carried out by Ripple partners based on the global XRP trading volume.
Amid alarming reports of massive falsification of trading volumes in the cryptocurrency industry, in its latest report, Ripple makes the following statement: on institutional sales to assess the problem. Later, Ripple resumed sales, reducing their scale by 50% from the previously used benchmarks, at the level of 10 basis points of the volumes transferred to CoinMarketCap “.
In addition, to establish reliable data on trading volumes, the company began to use the Top Tier tool of the CryptoCompare (CCTT) portal, which includes exchanges with high ratings..
In the future, Ripple intends to trust only this instrument and promises to limit sales. “Ripple plans to take a more conservative approach to selling XRP in the third quarter,” the publication says..
Ripple also notes that the second quarter saw a slight decrease in XRP volatility and a significant drop in the correlation with Bitcoin, while the correlation with Ethereum persisted..
Earlier this month, the company announced that it spent $ 500 million under the Xpring program to develop the XRP ecosystem..