The Ripple team has unveiled their Q2 report, which is something the community has been waiting on for some time now. As the report states, Q2 of 2017 has proven to be a good period for the company and their products. The goal is still to improve XRP market health, but things are seemingly going quite well. Sales of XRP are going up, the Consensus ledger is more decentralized, and interest in blockchain continues to rise.
Ripple’s Q2 XRP report is filled with positive information, to say the least.Contrary to what some people expect, market participants are still purchasing XRP directly from the company’s licensed money service business. All of these buyers are mainly institutional, which is a positive note. Purchasing this native token helps these parties circumvent market instability during troubling times. It is good to see liquidity improve altogether. Although US$21m worth of XRP seems small, it is a healthy number.
Things are Looking Good for Ripple and XRP
Moreover, Q2 of 2017 has been particularly positive for all markets. Although the relevance of this token remains to be determined in the cryptocurrency world, market participants are definitely keeping an eye on it. At one point, we saw the XRP price increase quite a bit. Overall, Q2 closed the price at US$0.263, which is a 3,977% growth compared to Q2 2016. Such an unprecedented growth is surprising, although it also validates Ripple’s place in the financial ecosystem. Additionally, the price increased by 1,159% compared to Q1 2017.
The recent Ripple announcements also go to show the hard work is paying off. The Global Payment Network has seen many new participants, which is a healthy trend. Additionally, Ripple will put 55 billion XRP in escrow later this year. Multiple exchanges have enabled trading of RIpple’s native asset, which helps improve liquidity. Plus, the Consensus ledger is getting more decentralized every quarter. This latter aspect is achieved by adding new validator nodes on a regular basis.
With XRP easier to access than before, Q3 of 2017 should prove to be an interesting one as well. So far, the price of this native asset is not doing all that well. Cryptocurrency market volatility is weighing down the XRP price for the time being. Then again, most of the trading volume in Q2 came from fiat currency markets. More specifically, fiat currency trading was 21 times higher compared to Bitcoin trading. This goes to show there is a growing demand to buy XRP with fiat currency, rather than cryptocurrency. It will be interesting to see what the future holds for Ripple.
Header image courtesy of Shutterstock
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
