According to Ripple report released on July 24, XRP sales dropped 54% in the second quarter of 2018 compared to the beginning of the year.
In a quarterly report published this Tuesday, Ripple announced that it managed to sell XRP for $ 75.53 million. In the previous quarter this amount was $ 167.7 million – a drop of 54.96%.
The direct sales from Ripple subsidiary XRP II , which were also taken into account when calculating this value, amounted to $ 16.87 million against $ 16.6 million in the first quarter. Programmatic XRP sales at the same time amounted to $ 56.66 million and fell by 62.5% compared to the previous period, when it accounted for $ 151.1 million.
Despite these performance, Ripple stresses that this period its “best quarter ever in Q2,” at least according to the number of new customers. The decline in profits was largely due to the fall of the overall cryptocurrency market, the company said.
Ripple report states:
“The tight correlation is indicative of a market that is still in its infancy. Traders have yet to distinguish among the intrinsic values of the best known digital assets. As the industry matures and decides what it deems most useful and valuable, we should expect to see more separation.”
Ripple also referred to the issue of escrow storage. The Ripple report says that during the last quarter company had withdrawn 3 billion XRP tokens from it, but 2.7 billion XRP were returned into escrow during the quarter.
The company noted that the successful quarter against the background of XRP price decline, “underscores XRP’s independence from Ripple.” This statement is particularly noteworthy in connection with the company’s recent accusations of fraud with securities. Recently, Ripple actively delimits its core business and the XRP cryptocurrency developed by Ripple. Last month, Brad Garlinghouse, CEO of Ripple, said that the XRP blockchain exists independently from Ripple. Earlier, several law suits were filed against the startup. The plaintiffs claim that XRP is an unregistered security.