XRP Market Volume Surge in First Quarter of 2018
Cryptocurrency Startup Ripple has reported an 83% profit rise from XRP token sales in the first quarter of 2018.
According to a post on its official website, the company traded $167.7 million worth of XRP in the first three months of 2018, an increase of 83% compared to the previous quarter and of 2,400% compared to the first quarter of 2017. A total of $160 billion in XRP was traded globally in the first quarter, an increase of 68% from the previous quarter.
The company also said that direct sales of XRP totaled $16.6 million – a decline of 17 percent compared to the previous quarter while programmatic sales of the cryptocurrency increased significantly from $71.5 million to $151.1 million.
Even though the cryptocurrency market was largely volatile in the first quarter, XRP managed to double its market shares with a notable growth from 3.56% to 7.57%, with its share of overall market volume rising from 5.3 percent at the end of 2017 to 6.9 percent at the end of March.
The company noted that the XRP volume was partly driven by a number of new exchange listing of the cryptocurrency and also by the extension of more than $16 million in new XRP loans to market makers.
Earlier this week, the company announced the addition of five new customers to its pilot program xRapid, which it says will enable users to access the benefits of RippleNet, which includes reducing operating costs, while increasing transaction speed. Ripple is looking to increase the number of xRapid pilots and work to move existing pilots into production in Q2 of 2018.
Join Us On Telegram