No different from rest of the crypto market, the value of XRP, the third largest cryptocurrency has been depreciating, as the entire market a undergo correction.
While some crypto activists remain bearish about XRP which hopes to replace fiat one day, the recent report published by Ripple shows just why many remain optimistic about the cryptocurrency.
Ripple Records Double Revenue in Q3
In its recent report, the United States based startup revealed that the amount of its XRP tokens sold exceeded $163.3 million, which represents a rise of about 122% from the preceding quarter where it sold about $73.5 million.
The report which was presented by Cory Johnson and Miguel Vias and published on the Official Ripple website shows the financial situation of Ripple, is an attempt by Ripple to maintain transparency.
The report confirms the increasing interest Ripple’s cross-border payment solutions has received over the last couple of months alongside a rise in institutional participation in the Ripple project.
Growing interest in Ripple from Institutional Investors
Brad Garlinghouse, the CEO of Ripple who has always been bullish about RippleNet has hinted that in 2019, the project is expected to gain multiple partners as the interest of institutional investors in the Ripple ecosystem continues to grow.
Drawing the attention of institutional investors has always been considered a major success for cryptocurrencies, with many predicting that this would prove pivotal for the expansion of Ripple to a much larger audience.
Google Developer Signs on to Lead RippleNet
Following the recent announcement that the third largest cryptocurrency recorded revenues in the third quarter of 2018 that doubled its revenues in the second, Ripple has announced the hire of Google’s leading developer.
Ripple confirmed to the news outlet, Reuters that Amir Sarhangi who joined Google in 2015 would be forfeiting his position at Google to lead RippleNet, the global payment network of Ripple.
At Google, Amir Sarhangi served as the head of the Rich Communication Services (RCS). Sarhangi joined Google in 2015 after the company purchased his startup Jibe Mobile, a startup created to develop the technology for wireless carriers to integrate RCS.
Sarhangi’s would be beneficial to RippleNet, as his record hint that he has worked extensively with payment networks like RippleNet which he would be leading in the future.
Current Market Status of Ripple
Similar to most cryptocurrencies, in the last two weeks, the price of Ripple has remained relatively stable, fluctuating between $0.43 and $0.47 during this period.
As at 13:45 UTC, Ripple (XRP) is trading at $0.4449, dropping by 0.65% over the last 24 hours. Ripple maintains its position as the third largest cryptocurrency with a market capitalization of $17.891 billion.