Ripple sold 900 million XRP worth $251 million this quarter, according to its latest market report. The sale, at an average price of $0.27 a coin, is 50 percent higher than it was last quarter. But, Ripple says, this is all part of its broader plan.
The increase in sales was put down to high trading volume over the last three months. XRP is typically released in line with the amount of market activity. The more there is, the more XRP is released. XRP’s trading volume rose in line with the increase in prices of cryptocurrencies in general, as the total crypto market cap rose from $144 billion to $363 billion at its peak in June.
However, Ripple has recently changed up how it reports on trading volume. Originally XRP relied on CoinMarketCap to provide market data, but it has recently opted for a new trading volume benchmark, based on data from cryptocurrency index CryptoCompare. Ripple hopes it will be able to better address concerns about “misreported, falsified and inflated reported trading volumes,” and provide more accurate trading figures.
As CryptoCompare’s list of exchanges is fewer (and allegedly more reputable) than CoinMarketCap’s, Ripple expects to release far less XRP in Q3. The rationale behind all this is to help keep the price of XRP afloat—as billions of XRP are periodically unloaded on to the market.
Elsewhere in the report, Ripple says that more partners have been using its XRP-intensive product, xRapid this quarter. The number of xRapid transactions have gone up 170 percent. In addition, the number of Ripple partners and customers using xRapid increased by 30 percent.
The report also focused on Ripple’s new deal with MoneyGram, which will see Ripple becoming a shareholder of the money transfer giant. But while it’s making friends, more foes are stepping into the cross-border payments arena.