Q2 of 2018 has ended, and it is time to see how our favorite cryptos have performed. For this article, we will be focusing on Ripple (XRP).
Volatility has been low in Q2 of this year, but even so, Ripple has been managing to sell around $73.53 million. The sales volume was accounted for around 0.125% of the global volume of Ripple. Additionally, 3 billion Ripple tokens were released from the cryptographic escrow, with 2.7 billion being returned.
Ripple, the company, sold around $56.66M of XRP, which represents 0.125% of the total trading volume for the coin. Not only that but Ripple’s subsidiary – XRP II, LLC – has sold an additional $16.87 million. In total, that makes 73.53 million of XRP sold in Q2 of the year, which was barely noticeable compared with the Ripple market that traded over $45 billion worth of XRP.
The volatility of Ripple was also noticed to be lower in this quarter, and it declined by 9.0%.
As mentioned previously, Ripple was also released from escrow. Back in Q4 of the previous year, it locked up around 55B, while now, it released 3B, with 2.7B returning to new escrow contracts. This leaves Ripple with an additional 300 million to be used for supporting its ecosystem.
New XRP ecosystem entrants
Q2 has brought multiple changes to the XRP ecosystem, among which were also some new entrants. One of them is Stefan Thomas’ Coil, which is to use Ripple for micropayments. Another one is Scooter Braun, the founder of SB Projects, a known entrepreneur, and an entertainment talent manager. Braun has decided to pursue various endeavors that will be capable of making use of Ripple. The end goal here is for artists to become able to manage their content easily, as well as to monetize it properly.
Xpring is supporting both of the entrants, and it represents one of Ripple’s new initiatives. It is expected to work with various firms, as well as the projects that are being built on the Ripple ecosystem, and by trusted entrepreneurs.
Comments on the market
The crypto market started this year with $603.7 billion in the total market cap for all digital assets. Despite the fact that hundreds of additional coins appeared in the previous 7 months, the total market cap still dropped down to only $254.7 billion.
In the second quarter, Ripple market slowed down a lot when compared to the situation at the end of 2017 and the start of the year. One of the reasons for this might be the constant regulation concern, which is not only an issue within the US but around the world as well.
Additionally, even though the SEC has declared that Ether is not a security, no digital asset has seen an increase in price until a week and a half ago. Until that point, the decline was pretty consistent for all cryptos due to that fact that a lot of them are very tightly correlated.
Such tight correlation is a clear mark that the crypto world is still at its early stages. The values of the most popular cryptos have yet to be distinguished by the traders, and the industry itself needs to decide what is valuable and useful, while the rest will be discarded.
When compared to other cryptos, Ripple showed some slight variations. For example, it performed similarly to Bitcoin and was outperformed by BCH and ETH. Even so, this was probably Ripple’s best quarter since it came to be, at least when it comes to the number of new customers. Unfortunately, however, this did not help its price at all, and it simply continued to drop just like the prices of all other cryptos. To some, this was proof enough that XRP is truly independent of Ripple the company.
Another thing worth noting was the drop of South Korean trading influence. Usually, the South Korean influence covers over 70% of the global volume. Recently, however, this has dropped a lot, and South Korea went from being the first one in global share to the fourth place. The reason for this probably lies in an entire line of big hacks, as well as trader fatigue.
The volatility was driven down from 13.8% at the end of 2017 to barely 5.7% in Q2 of 2018. This was the lowest volatility that Ripple has experienced in more than a year and a half.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Read more at https://globalcoinreport.com/xrp-market-report-for-q2-2018/
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