The company behind XRP, the third-largest cryptocurrency by market cap, Ripple reveals a sale of $251.51 million in XRP in the second quarter of 2019, as per a Q2 report published Ripple on July 24.
The report states that Ripple sold approximately $169.42 million in XRP during Q1 2019, amounting to an approximate 48% increase in XRP sales quarter-to-quarter. As for quarterly XRP sales, Ripple will subsequently decrease future token sales substantially.
In addition, Ripple notes a restriction in XRP sales during the quarter, purportedly inflated trading volumes. As such, the report says that it temporarily paused programmatic sales and put limits on institutional sales.
The report elaborates that the company sold $106.87 million through institutional direct sales and $144.64 million in programmatic sales, covering the company’s XRP escrow activity for the quarter.
Ripple explained its escrow system back in 2017, saying that escrow would provide a steady supply of XRP. As per the Q2 2019 report, Ripple withdrew one billion from escrow each month over the quarter for a total of three billion XRP. Of the three billion, 2.1 billion were reportedly reinvested into escrow contracts. The other 0.9 billion were reportedly used to fund XRP developments via its incubator, Xpring, and RippleNet partnerships.
Xpring announced on July 3 about it spending $500 million on XRP projects since its inception, approximately one year ago. In a recent announcement, Xpring said it would prioritize creating new XRP use cases through infrastructure developments and innovative projects.
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