Ripple Sells Record-Breaking Sum of XRP Tokens to Institutions As it Gets Listed on 30 New Exchanges

 According to the report making rounds in the crypto space, Ripple has just released its most recent official report regarding how much XRP tokens the company is going to be selling for the quarter. This move by Ripple reveals a huge year-over-year increase in the total number of institutional participants who are purchasing the XRP token.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
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ripple
XRP(XRP)
$0.284
-1.22%

Ripple Sold XRP Tokens Equivalent to $181 Million in 2017

As per previous quarterly sales reports in total, Ripple was able to sell at least $181 million worth of the XRP digital token in 2017. However, going by Ripple’s latest sales report, that number from 2017 has jumped to about $535 million as of the end of last year.

Of the $535 million worth of XRP tokens sold last year, Ripple reportedly sold at least $171 million directly to institutions. As for the remaining XRP digital tokens that make up the $535 million, Ripple sold programmatically to exchanges and other startups that have already arranged deals with Ripple.

XRP’s Correlation With Ethereum (ETH) and Bitcoin (BTC) for 2018

 The XRP token sales report from last year also goes on to analyze XRP’s correlation with the Bitcoin (BTC) and Ethereum (ETH) market metrics throughout the past year. As per the report, Ripple had this to say:

In Q4 of the last year, we saw the overall settling of XRP token volatility compared to that of past quarters. XRP’s volatility for daily returns was reportedly 5%, which is arguably the lowest quarterly, average seen since quarter three of 2016. Conversely, we also observed that the XRP average daily volume increased substantially. The XRP token average daily volume was $595.7M which is the highest quarterly average since quarter one of 2018.”

Towards the latter part of quarter four 2018, XRP’s correlation with the top digital assets moved to the elevated levels observed through the end of quarter one 2018 to the early part of quarter three 2018.”

In addition, Ripple insists that no more than 30 new cryptocurrency exchanges have listed the XRP token in the fourth quarter of last year, bringing the total sum of the exchanges that have adopted XRP to about 100. Ripple also owns 60% of the supply of its XRP token, with the most part of its holdings held in escrow.

XRP/USD Price at $0.3230 at Press Time

XRP has faced resistance in recent price actions. Yesterday, we saw another rejection close to the $0.3220 resistance level in the XRP price action against the USD. The XRP/USD pair went on to trade as high as $0.3230. Later on it launched a downside correction and moved below the $0.3200 position as well as below the 100 hourly simple moving average.

All in all, the price decline was protected by the support levels at $0.3130 and $0.3120 respectively. Additionally, the 61.8% Fibonacci retracement level via the last leg from the low of $0.3046 to the $0.3230 high were also support positions. The XRP price later began a fresh upward movement and went on to trade above the $0.3140 region.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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