The price of Ripple could experience a dramatic increase after an announcement which could turn out to be a great news for investors was made by XRP as the digital currency trades at $0.85. The San Francisco startup – Ripple published its market report this week. In the report, they stated how much Ripple made in the first quarter of the year – $167.7 million.
The First Quarter Report of Ripple
According to the report, in the first quarter of this year, traders bought $16.6 million directly from XRP II – the licensed and registered money service business of the company (MSB). XRP II, LLC have the license to participate in Virtual Currency Business Activity (VCBA) by the Department of Financial Services in New York.
In addition, the firm programmatically sold XRP worth $151.1 million. These sales represented 0.095% of the $160 billion that was traded in the world in the first three months of the year. Apparently, a huge amount of XRP was traded in the first three months, especially during the first six to seven weeks, and this brought about a significant upsurge in programmatic sales by Ripple.
This report is indeed a positive one, and it could be a great news for investors and further increase the confidence of traders in XRP, leading to an increase in value. Tom Channick, the Head of Corporate Communication in Ripple said that the present state of XRP had greatly exceeded the expectation of the company.
The Value of XRP
The previous week has been tempestuous for XRP investors, as the digital currency suffered from troughs and peaks. The cryptocurrency saw an increase in its value this week, and its trading value got as high as $0.95 on Tuesday 24th April. After the value of XRP increased on Tuesday, it has plunged to lows of $0.79.