Ripple has published its Q1 results for 2019. The company sold $61.93 million of XRP in institutional direct sales and $107.49 million of XRP in programmatic sales. In total, the company sold $169.42 million of XRP in Q1, show figures published on Wednesday, April 24.
In 2019, Ripple released one billion XRP tokens each month out of its escrow, totaling three billion in Q1. The comapny also confirmed that in the first quarter of 2019, 2.30 billion XRP were returned and put into new escrow contracts.
“The remaining 700 million XRP not returned to escrow are being used in a variety of ways to help support the XRP ecosystem,” the report reads.
Ripple highlighted four companies, XRPL Labs, Bolt Labs, Kava and Forte, which its subsidiary Xpring invested in, by saying that “Q1 saw significant developments from key companies focused on projects building and utilizing XRP, the XRP Ledger and ILP.” As Dapp Life reported earlier this year, Ripple’s developer ecosystem initiative, Xpring, and Forte, announced a $100 million fund to support game developers.
— Ripple (@Ripple) April 24, 2019
“XRP’s volatility of daily returns over the quarter was 2.90 percent, marking Q1 the second lowest volatility quarter since Q4 2013. Rolling volatility of 30-day returns steadily declined throughout the quarter such that XRP volatility of 30-day returns fell to its lowest levels since Q3 2016,” Ripple commented on XRP’s performance in Q1 2019.
“While the price of XRP decreased, the average XRP daily volume was $595.28 million, which is on par with XRP daily volume from Q4 2018. In addition, XRP’s correlation with other top digital assets remained consistently high throughout the quarter,” continued the company.
Making commentary on the crypto markets, Ripple noted that while blockchain and crypto startups were forced to abandon their projects or refine business models, it’s “positive for the industry as legitimate businesses gain traction and scams and non-businesses fall by the wayside.”
According to Ripple, banks are shifting towards digitalization, especially when it comes to the cross-border payments process.
“Digital banks continue to gain traction and are going after traditional banks’ market share. Predominantly in the UK, these contender banks are looking to expand to new geographies and services, including cross-border payments,” the company summarized.
But despite Ripple’s positive results in Q1, XRP cryptocurrency continues to tank. At the time of writing XRP is trading at $0.29, down by nearly 8%, according to the data from Coinmarketcap.
Ripple is facing stiff competiton in cross-border payments sector. While Ripple and SWIFT have dominated the conversation until now, JPMorgan’s blockchain and IBM and Stellar’s World Wire represent a very powerful challenger for both.