Ripple Announces RippleNet Now Has More Than 200 Financial Institution Clients Worldwide, Q1 Report Says

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Ripple, the blockchain-based fintech company behind the XRP cryptocurrency, has released its “Q1 2019 XRP Markets Report” summarizing the activities of Ripple and XRP, including XRP sales, escrow status, developments, partnerships, and more.

There are 4 main takeaways from the report:

  • RippleNet surpassed more than 200 financial institutional clients worldwide.
  • Ripple’s Q1 sales accounted for 0.32 percent of global XRP volume.
  • 3 billion XRP were released out of cryptographic escrow, 2.30 billion returned to escrow.
  • XRP is now listed on approximately 120 exchanges worldwide.

Ripple’s Total XRP Sales

Image Source: https://ripple.com/insights/q1-2019-xrp-markets-report/

In Q1 2019, Ripple sold $169.42 million of XRP, an increase of 31% from the previous quarter.

Out of the total amount of XRP sold, $61.93 million of XRP was directly sold to financial institutions, a 35% increase on a quarter-on-quarter basis.

As for XRP sales attributed to programmatic sales, Ripple sold $107.49 million of XRP,  up almost 21% from last quarter’s $88.88 million figure.

Overall, Ripple’s total sales of XRP accounted for only 0.32% of the total XRP trading volume in Q1 2019, which is up from just 0.24% in Q4 2018.

Ripple’s XRP Escrow Activity

For Ripple’s Q1 escrow activity, the company released 3 billion XRP from escrow (1 billion each month) over the course of the quarter. However, the company returned 2.3 billion XRP into new escrow contracts over the same time period.

As for the remaining 700 million XRP left out of escrow, they are reportedly being used in a variety of ways to help support the XRP ecosystem.

Increase in Ripple Partnerships and Clients

In Q1 2019, the number of companies partnering with Ripple increased significantly.

On the exchange side of things, 19 new cryptocurrency exchanges added XRP, making the digital asset available to buy and sell on approximately 120 exchanges.

As for the adoption of RippleNet, 13 new companies joined RippleNet, bringing Ripple’s prized blockchain-based fintech network to more than 200 financial institutional clients worldwide.

5 of the 13 new companies that joined RippleNet, JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank announced they will leverage XRP to source liquidity on demand.

Why do you think Ripple sold so much XRP in Q1 2019? Is Ripple suppressing the price from going up so they can sell it cheaply to financial institutions? Let us know what you think in the comment section below.

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