Ripple sales of XRP decreased 74% to $66.2 million in Q3; Ripple claims of “FUD” increased significantly
Ripple sold $66.2 million of XRP in Q3 2019, an amount that is 74% lower than the $251.5 million that the company sold in Q2, which was a record quarterly sale.
The sales figures were disclosed in Ripple’s Q3 2019 XRP Markets Report which claimed that the company chooses to “voluntarily provide unparalleled transparency” while urging “others in the industry to follow its lead to build trust, foster open communication, and raise the bar industry-wide.” According to Ripple’s report, “Ripple was gifted a portion of [the 100 billion units of] XRP and periodically sells a small amount of that into the market.”
The price of XRP declined by 35.4% in Q3, while the overall market capitalization of digital assets decreased by 30.4% during the same period, per the report. During the same period, XRP volume decreased by 53% from $39.1 billion to $18.2 billion. 3 billion XRP were released from escrow during Q3, while 2.3 billion were returned and put into new escrow contracts.
The report stated that XRP is ideal “for global payments because it is faster, less costly and far more scalable than other digital assets.” In a comparison of XRP vs Bitcoin as of mid-October, Ripple claimed the following advantages for XRP
Speed: 3.80 seconds (XRP) vs. 9.2 minutes (BTC)
TPS: 1500+ (XRP) vs. 7 (BTC)
Fee: $0.0003 (XRP) vs. $0.758 (BTC)
Ripple dedicated a significant portion of the report to addressing an “uptick in FUD (fear, uncertainty and doubt) and the spread of misinformation about XRP.” Ripple claimed that “bots” pushed narratives including 1) “dumping XRP” and “flooding the market” via sales and 2) Price Manipulation, to which the company claimed that “Ripple plays a very limited role” in an “independent digital asset market.”
According to Ripple, “It’s on all of us to rise above the FUD and the tone-deaf who treat digital assets like a religion instead of technologies that can solve real world problems.” The company closed its report by stating that “Ripple will continue to take proactive steps to address misinformation and FUD while being a responsible and transparent stakeholder of XRP.”
Ripple sales of XRP decreased 74% to $66.2 million in Q3; Ripple claims of “FUD” increased significantly written by The Block @ https://www.theblockcrypto.com/linked/43864/ripple-sales-of-xrp-decreased-74-to-66-2-million-in-q3-ripple-claims-of-fud-increased-significantly?utm_source=rss&utm_medium=rss&utm_campaign=default October 19, 2019 The Block