The digital currency market is currently recovering after a recent dip that pushed the price of Bitcoin (BTC) towards the $9k level. The price of XRP also plunged below a crucial support level and plunged below the 30 cents mark. At the press time, BTC USD price is up by more than four percent and XRP USD price is also deep in the green. A recent report revealed that the parent firm of XRP – Ripple – sold over $250 million in XRP in the second quarter of this year. This bullish XRP news was published by Ripple in its second quarter report on the 24th of July.
The second quarter of this year seems to be more favorable to the digital currency market than the first quarter. Q2 2019 saw almost all the top cryptos in the market test new year-to-date highs. The price of Bitcoin (BTC) surged towards the $14k level, with XRP USD price breaking over the 50 cents mark.
Ripple Sold More Than $250 Million in XRP in 2019 Q2 – XRP Price Prediction – Cryptocurrency News Today – Cryptocurrency Market Update
The 2019 first quarter report of Ripple revealed that the firm sold about $169.42 million in XRP. The second quarter report, which was released yesterday, revealed that the San Francisco-based startup – Ripple – sold $251.51 million in XRP. This means that the second quarter sales in XRP is about 48 percent higher than the first quarter sales. According to the report, Ripple will subsequently reduce the sales of future token substantially. In addition, the report also revealed that Ripple restricted the sales of XRP during the second quarter due to supposedly inflated trading volumes. As a result of this, the firm has temporarily stopped programmatic sales and institutional sales is also limited.
According to the report, Ripple sold $144.64 million through programmatic sales and $106.87 million in XRP via institutional direct sales. Ripple also gave a report on its XRP escrow activity for the second quarter of this year. The firm explained the system of its escrow in 2017, saying that escrow would ensure a steady XRP supply.
Ripple Reinvested 2.1 Billion XRP in Q2 2019 – XRP News Today – Cryptocurrency Market Update
In its second-quarter report this year, the firm said that it withdrew one billion XRP from escrow every month in Q2, making a total of 3 billion XRP. The firm reportedly reinvested 2.1 billion XRP out of the 3 billion they withdrew in the quarter. The remaining 900 million XRP was used to fund the development of XRP through its Xpring, incubator, and RippleNet partnerships.
On the 3rd of July, Xpring announced that it had spent $500 million on XRP projects since it emerged in the crypto space, about one year ago. According to the report, Xpring wants to prioritize the creation of new use cases for XRP via innovative projects and developments of infrastructures.
XRP (XRP) Price Today – XRP / USD
At the time of writing, the price of XRP is up by more than four percent over the past twenty-four hours. XRP USD live price is $0.318. The current market cap of XRP is $13.62 billion. The trading volume of the digital currency over the past twenty-four hours is $1.30 billion. The immediate support of the coin is at the $0.3100 mark. On the upside, XRP USD price is facing resistance at the 32 cents level.