XRP Quarterly Sales Up 117 Percent, Yearly Figures Soar By 217 Percent

Oct 26, 2018 at 20:02

Ripple Labs, the company behind XRP, announced the sales of its coin surged by 117 percent in the third quarter of 2018 versus the previous quarter.

The company said it sold $163.33 million worth of XRP in the third quarter, more than double of the $75.33 million sales during the second quarter.

The increase was mainly driven by institutional direct sales of $98.06 million against the previous quarter’s sale of $16.87 million. Meanwhile, programmatic sales went up to $65.27 million from $56.66 million.

Despite the better performance on a quarter-over-quarter basis, Ripple’s XRP sales during the first quarter is still bigger at $167.7 million. All in all, the company already sold $406.46 million worth of XRP in the first nine months of the year.

On a year-to-year basis, the company’s figures for third quarter went up by 213 percent as it only made $52.2 million during the same period last year.

Last week, The Bill and Melinda Gates Foundation reiterated Ripple’s involvement with the Mojaloop effort being touted to be used by financial organizations, government regulators and other fintech industry players to promote mobile payments and financial services for unbanked people in developing countries.

As of this writing, XRP is valued at $0.47 a piece with a market cap of $18.4 billion.