Cryptocurrencies

Ripple Snaps XRP Sales Slump With $33M of the Crypto Sold in Q2

Ripple CEO Brad Garlinghouse. (Christopher Michel/Wikimedia Commons)

Ripple said Monday that it sold $32.55 million of its XRP cryptocurrency during Q2 2020, a 1,760% jump over Q1’s abysmal sales figures and the first signs of XRP sales growth in nearly a year. 

  • In its Q2 Markets Report released Monday, Ripple reported a surge in over-the-counter (OTC) XRP sales as it reaped the benefits of new liquidity-providing integrations with telco Swisscom Blockchain, swap execution facility Zero Hash and the crypto bank Sygnum.
  • “Programmatic sales” – the third-party trading practice whose mid-Q3 2019 halt contributed to three consecutive quarters of falling XRP sales – will remain paused as Ripple focuses on OTC markets, the issuer said. 
  • XRP volume did not fare as well as sales figures in Q2. Average daily volume fell to 196 million from Q1’s 322 million. Total volume by dollar value nearly halved, to $17.86 billion, from Q1’s $29.68 billion.

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