Ripple said that its revenues related to the sale of the digital asset known as XRP gained ground in the third quarter of this year, more than doubling over the second quarter (that is, sequentially).
The company said in its third-quarter report on XRP markets that it sold $163.3 million in the latest period, up from the $75.5 million in the second quarter.
The bulk of sales were institutional ones, as noted by CoinDesk, and accounted for a bit more than $98 million via the subsidiary XRP II, a jump from the $16.9 million in the second quarter. Programmatic sales gained from $56 million to $65.2 million over the same period.
CoinDesk noted that the latest sales tally was a bit under the $167.7 million seen in the first quarter of this year. The company also said that it had released three billion XRP from escrow accounts, with 2.6 billion added to escrow accounts. The net release of 400 million XRP tokens “are being used in a variety of ways to help support the XRP ecosystem,” said Ripple in the report.
The company noted that in Q4 2017, Ripple had locked up 55 billion XRP in what it termed “a cryptographically-secured escrow account.” Ripple, according to the report’s commentary, created the lockup to “create certainty of XRP supply at any given time.” Due to that lockup, Ripple has access to only 13 percent of the total XRP in circulation. Ripple’s sales were a tiny fraction of that amount.
“Notably, while Ripple has previously made some mention of new customers in its market reports, to the point of saying it saw its ‘best quarter ever in Q2’ in terms of customer growth, its latest report did not discuss adding any new clients,” reported CoinDesk.
Said Ripple in its commentary, “the total market capitalization of digital assets fell again in the third quarter, declining 12.0 percent. Most of the major assets, including XRP, traded in a continued tight correlation, though XRP price rallied at quarter end.”