According to the latest XRP market report, the altcoin was among the top gainers in Q3. This was evident when the coin’s bulls pushed its market cap past that of Ethereum for a while sparking excitement amongst its community members & stake holders. However, Ripple later slid back to position 3 but looking at a comparative analysis of its Q2 & Q3 performance paints a promising picture for this digital asset.
Q2 Vs Q3 Ripple Market Stats
The last quarter was not definitely not the best for most altcoins including XRP. This is not to say that Ripple did not show an outstanding performance improvement. Ripple’s XRP sales in Q3 were more than double those of Q2; in the former Ripple sold $163 million worth of XRP tokens while the figures in Q2 were a mere $73.53 million.
Clearly, Q3’s sales accounted for a larger % of the total XRP token volume which translates to roughly 0.43% while the Q2 figure stands at 0.125%. In terms of the number of tokens released from the cryptographic escrow, both quarters facilitated 3 billion XRP coins. However, the amount of tokens returned to escrow differed by 100 million with Q2 holding the higher value.
Ripple’s success can be attributed to a couple factors including the involvement of Wall Street with digital assets despite the strict SEC approach. Looking at the number of programmatic XRP sales, Q3 seems to be dominating the stats with a range of over $8 million. This comes as more crypto market players engage in the technicalities involving crypto to leverage long term HODL positions & resource efficiency in crypto dealings.
Furthermore, Ripple scaled its sale activities via its XRP II, LLC subsidiary. The entity has since sold a significant number of XRP tokens via direct sales in both Q2 & Q3. This company operates under the licenses granted to money service business & facilitated the sale of $16.87 & $98.06 million worth of XRP tokens in Q2 & Q3 respectively. It is undebatable that the XRP token sales greatly improved over Q3 & are continuing with the trend. Analysts have speculated a position 2 come back as we approach the end of 2018.
XRP plans in Q4
Ripple’s fundamentals have proven to be undisputed especially in the international payments service industry. Both Q2 & Q3 saw the company partner with a couple strategic players to increase their presence or for the partners to leverage the XRP tech. Earlier in Q2, Coil, a new business started by Stefan Thomas joined Ripple’s ecosystem to allow their users to make media purchases in bites using the XRP token.
The third quarter saw a market bloodbath in August although XRP managed to make a strong comeback towards the end of Q3. It was this resilience that made the coin a favourite follow for a larger crypto community. In addition, the token was added on Remitano, a P2P crypto exchange that accepts local currencies. This has brought the tokens closer to developing markets like Africa & Asia where Remitano’s operations are running.