Ripple sold $91.6 million worth of XRP in Q4 2017

Ripple has sold 91.6 million worth of XRP as the price increased by 887 percent in the last quarter of last year. At the same time, the company earned $180 million last year from XRP sales.

The yearly increase in price was 29,631 percent. Its market value shot from $8 billion in the third quarter to $191.0 billion at the end of the last quarter. It broke the news after overtaking Ethereum to become the second most valuable digital asset in the world, although Ethereum has since returned to that position.

Ripple owns 60 percent of all the XRP in existence and will use the income to cushion against price crashes and development.

The announcement says;

“Of all the developments in Q4, the dramatic increase in volume likely had the most impact on XRP’s likelihood of becoming an international standard for digital-value transfer. In order for XRP to be highly efficient as a settlement asset for cross-currency transactions, it will continue to need greater volume and depth of order books.”

Ripple said buyers tending to be institutional investors bought $20.1 million directly from XRP II in the fourth quarter of the year.

The cryptocurrency, which begun rallying on December 12 and went further up to above a dollar on December 21, started the year with over $2 per token.

The update says the start of the fourth quarter was crowded with news about Bitcoin, Bitcoin cash, and the Bitcoin futures and XRP was distracted but its markets started to connect the dots again in the late quarter.  

“The anticipation for futures was particularly distracting, as markets awaited a pivotal development in the history of the digital asset space. Since XRP has historically been relatively uncorrelated to BTC or any other digital asset, it was not entirely surprising that while the rest of the space found its footing earlier in the quarter, XRP consolidated instead.”

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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