Ripple (XRP) has officially released its quarterly report. This is the (Q1), that is, the first quarterly report of 2019. The blockchain firm has shown exponential progress following its significant growth. The company said it traded off $169.42 million in Ripple (XRP).
Most of the increase came from direct institutional sales, where $61.93 million XRP were sold directly to institutional investors. The remaining volume was sold off to interested third-party companies.
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The startup released over 3 billion XRP from its escrow accounts. At the end of the Q1, it returned about 2.3 billion XRP to its secure cryptographic escrow accounts.
Ripple locked up 55 billion XRP in an escrow account in May 2017. Since then, the enterprise has been releasing 1 billion tokens every month. The tokens are sold to institutional clients at a market price. Should a portion of the released tokens remain unsold, they are usually returned back to escrow. They are not sold across exchanges.
The report also said Ripple added 13 financial institutions to RippleNet in the first quarter of 2019, bringing the total number to over 200. The report reads in part:
“These companies include Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND, and Rendimento. Of those customers, JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank announced that they will leverage XRP to source liquidity on-demand.”
Worst performing digital asset in the top 10
Despite increased partnerships with financial institutions, Ripple (XRP) is the worst performing crypto asset in the top 10 if recent data from OnchainFX is anything to go by. Other major coins had an epic rally at the beginning of April. Bitcoin, for example, surged from $4000 to over $5000. Ripple price is still hovering at $30. At press time, XRP is trading at $0.3046, according to CoinMarketCap. It has recorded a 1.23% drop over the last 24 hours.
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