Prominent blockchain payments firm Ripple has published its latest quarterly XRP Markets Report for the previous quarter (Q4 2019) and there have been some significant changes in the figures. Ripple, who boasts of introducing such solutions as ODL (XRapid), Xpring, RippleNet among others, is known for publishing regular updates and views on the company’s stance on the XRP market in order to ensure transparency on the progress of the platforms as well as inform its stakeholders.
According to Ripple, open communication ensures that all stakeholders are kept abreast of the financial performance as well as the operations of the company, even as an XRP holder.
2019 Q4 in Figures
Ripple noted that a total of 13.08 million USD worth of its digital currency, XRP, was sold in the last quarter (Q4), which when compared with that of the previous quarter (Q3) at 66.24 million USD, shows a sharp 80% decline in sales.
Notably, the significant decline in direct institutional sales seems to have led to a swift decline in the total sales in the fourth quarter.
Also, the report indicated that Ripple’s programmatic sales 16.12 million USD in Q3 of 2019 to zero in the Q4 of 2019. Ripple’s stance on the pause in pragmatic sales accounts for the sharp decline in total sales as the company looks focus majorly on the over-the-counter (OTC) sales with limited considered partners. According to the company:
“Ripple continued the pause of programmatic sales, focusing solely on our over-the-counter (OTC) sales with a few strategic partners, who are building XRP utility and liquidity in strategic regions including EMEA [Europe, the Middle East, and Africa] and Asia.”
CCTT Reported Volume
It is important to note that the CryptoCompare Top Tier (CCTT) changed the method employs to determine which exchange platform it lists in the top tier. Ripple switched from Coinmarketcap to CCTT in the second quarter of 2019 as the blockchain company sees CCTT as “a more conservative benchmark for XRP sales” amidst challenges of fake and inflated volume records.
At 17.24 billion USD in Q4, Ripple experienced a slight decrease in XRP’s global trading volumes when compared to Q3’s 18.23 billion USD. XRP is the third-largest digital currency by market capitalization and currently trades at about $0.22 per unit.
Will It Affect XRP Price?
It is yet to be decided whether the significant decline recorded in the sales of the last quarter would affect the XRP price but predictions suggest that there might be a little drop in the price of the cryptocurrency in coming weeks due to consequence previous drops in total sales have had on the trading price of the virtual currency. The figures from the latest Ripple report shows that Q4 2019 sales are the lowest in the past 36 months.
Damola is a crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through positive contribution to the organization that aspires for excellence.