Ripple’s Q3 2018 market report shares that it sold $163 million in XRP which accounts 0.43 percent of global XRP volume. It further shared that Wall Street is turning to provide institutional custody of digital assets.
Ripple provide details on XRP
In its latest report by Cory Johnson, Chief Market Strategist and Miguel Vias, head of XRP markets, Ripple shares the details from the Q3 of this year that saw the sale of $65.27 million worth of XRP programmatically. While, XRP II, LLC sold $98.06 million worth of XRP in institutional direct sales.
As for the volatility, it has been “light throughout most of the quarter” but jumped in the last two weeks that saw the price take a hike as well.
Currently, Ripple has taken out 400 million XRP from the escrow account and is using them to help support the XRP ecosystem.
When it comes to market capitalization, XRP, just like most of the digital assets traded in a continued tight correlation but it did a rally at the quarter end.
The growth continued with a number of announcements, one being Coil testing its “web monetization product with more than 200 websites enabling XRP payments.”
The trends of the market
Ripple also talks about the trends of the market viz. Initial Coin Offerings (ICOs) and regulation, geographical trends, and Wall Street adoption.
A pullback in ICO has been seen in Q3 while US regulators took actions to support healthy markets. It covered the cases of, SEC charging unregistered broker-dealer sold digital tokens, FINRA took its first crypto action, SEC rejected a Bitcoin ETF as BTC is not “is not demonstrably resistant to manipulation and a federal judge in Boston ruled virtual currency as a commodity.
As for geographical instances, South Korean exchanges emerged as one of the leading trading venues for cryptos and Malta played a big role as its Prime Minister Dr. Joseph Muscat called cryptos “the inevitable future of money,” created a clear legal framework for crypto trading among many other positive steps towards crypto progress.
Ripple further notes the Wall Street venturing into the crypto market as it mentions,
“Big institutional firms continue moving towards backing crypto trading, but have yet to launch offerings into the market.”
Announcements of the sort like Goldman Sachs Group, Nomura Holdings, Bank of New York Mellon, JPMorgan Chase, and Northern Trust exploring or working on crypto-custody services, continued in Q3. This according to Ripple,
“has allowed emerging companies to build a handful of large businesses trading digital assets — traditional Wall Street firms are waiting in the wings.”
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.