The San Francisco start up– Ripple Inc. is reporting an increase in the sale of its cryptocurrency. According to the report on the website of the company which was published on Wednesday, the firm sold XRP worth over $167 million in the first quarter of this year. They reported an increase of 83% in ripple sales compared to the previous three months, and a 2,400% increase compared to the first three months of 2017.
XRP : Ripple Sales Record
Ripple Inc. has been associated with the open source ledger XRP for a long time now, and the company has built tools on this technology intended for enterprise businesses. The firm also said the total direct sale of XRP is $16.6 million – and it is 17% lower than the previous three months. Programmatic sales of XRP increase more than 100%, the total sales went from $71.5 million to $151.1 million
The head of corporate communications at Ripple – Tom Channick, said that the sales of XRP exceeded their expectations. The total number of XRP that was traded globally also experienced a massive increase in Q1, the volume increase by 68% to reach $160.1 billion. The clout of XRP relative to the total crypto market increase in Q1, and its shares in the market grew from 5.3% (in December last year) to 6.9% at the end of March.
XRP’s Price Increase
The price of XRP took off late last year, increasing from about $0.25 (at early December 2017) to a peak of $3.84 in January this year. The subsequent fall of the token was just as sheer, and within a period of four weeks, the token was trading below $1. As of April 26, the worth of one XRP is about $0.82.
In the first-quarter report of the company, Ripple also addressed the negative influence that the uncertainty about the future coupled with global regulatory crackdown has had on the prices of cryptocurrencies.