This article comes fromRipple official website

Odaily Translator |

This article comes from

Ripple official website

Odaily Translator |

On July 24 local time, Ripple released the XRP market report for the second quarter of 2019 as scheduled. It is reported that Ripple generally releases the above-mentioned theme report on the 24th of the first month after the end of each quarter to regularly update the market situation. The specific content includes: quarterly planning, institutional strategy, sales status, XRP-related announcements, Xpring and Rippleet progress in partnerships, commentary on market developments for the quarter. The following is a summary of the XRP market report for the last quarter:

Volume Benchmark Change

• Ripple had announced in June 2019 that the company's XRP sales in Q2 as a percentage of reported volume would be lower than in previous quarters due to concerns over false positives, falsification, and inflated volume reporting.

• Ripple is evaluating a new source of trusted transaction volume with trusted partners. Following its evaluation, Ripple has decided to start using cryptocurrency data and index provider CryptoCompare’s Top Exchange List (CCTT) in its trading volume reports. According to the benchmark index provided by CryptoCompare, Ripple will use exchanges that are at least B grade, because CryptoCompare's research on exchanges takes into account factors such as geography, regulatory quality, investment, team quality, market quality, data provision and trade supervision, etc. Helps filter out false volumes. Publicly available trusted sources of transaction volume are still in a relatively early stage, but the CCTT fits what Ripple considers to be a more accurate source of XRP transaction volume. At this stage, Ripple will use CCTT as a benchmark, and will continue to actively cooperate with industry participants to solve the problem of unreliable industry transaction volume data.

• Q2 Highlights:

• In the second quarter, the total market capitalization of digital assets rose significantly.

• Ripple sold $251.51 million in XRP in the second quarter of 2019 and will significantly reduce future sales of XRP.

CryptoCompare will be Ripple's primary benchmark for XRP market volume going forward, given concerns over market volume being inflated.

• 3 billion XRP released from escrow and 2.1 billion returned to escrow.

XRP is currently listed on more than 130 exchanges around the world.

• The State of XRP Sales in Q2 and Beyond

Sales status in the second quarter:

In the second quarter of 2019, Ripple sold $106.87 million in XRP in institutional direct sales and $144.64 million in programmatic sales. A total of $251.51 million. Given the seriousness with which Ripple takes inflated sales, the company suspended programmatic sales early in Q2 and imposed restrictions on institutional sales. Ripple then resumed XRP sales at 50% below previous guidance, or 10 basis points of CoinMarketCap’s reported trading volume,

Future sales plan:

Ripple plans to take a more conservative approach to XRP sales in the third quarter. As previously mentioned, the company has converted its benchmark to CCTT and set a programmatic sales target of 10 basis points of CCTT reported volume.

In the second quarter of 2019, 3 billion XRP was released from escrow again (1 billion per month), and 2.1 billion XRP was returned to escrow. The remaining 900 million XRP are not returned to escrow and are being used in various ways to develop use cases for XRP, including the Xpring initiative and Ripplenet partnerships such as MoneyGram. All figures are based on reported transactions executed during the quarter.

Trading volume

XRP review

The total market value of digital assets increased by 122.86% compared with the first quarter. The XRP price is up 28.20% from the second quarter, closing at $0.40 on CoinMarketCap.

Trading volume

According to CCTT data, XRP’s daily transaction volume increased in the second quarter. Average daily volume was $429.51 million in the second quarter, compared to $156.01 million in the first quarter. According to CoinMarketCap data, the average daily trading volume of XRP is 1.74 billion US dollars.

Volatility and Correlation

RippleNet

The volatility of XRP’s daily return for the quarter was 5.01%. While XRP saw a slight increase in volatility compared to the first quarter, it is in line with the performance of other mainstream digital assets. Additionally, XRP’s correlation with BTC has declined from Q1, but its correlation with ETH remains high.

XRP Listing Status

During the second quarter, XRP was listed on 12 new exchanges, bringing the total number of XRP listings on exchanges worldwide to over 130.

Xpring

The number of customer transactions on RippleNet hit a new high in Q2. In fact, the number of xRapid transactions increased 170% and the number of xRapid partners increased 30% from Q1 to Q2. Ripple expects the momentum in transaction volumes to continue as more partners and customers come online.

Notably, Ripple announced in the second quarter that it agreed to a strategic partnership with MoneyGram (NASDAQ: MGI ), one of the largest remittance companies in the world. The company operates in the $600 billion global remittance market, serving millions of customers in more than 200 countries and territories in multiple currencies. Through the two-year partnership, Ripple will become MoneyGram's key partner for cross-border payments and foreign exchange settlements using digital assets. Meanwhile, Ripple has agreed to provide MoneyGram with a capital commitment, enabling the company to withdraw $50 million over two years in exchange for equity.

• Ripple's external cooperation focuses on xRapid products. xRapid is an on-demand liquidity solution that utilizes XRP as a real-time bridge between sending and receiving currencies.

• Xpling is Ripple's plan to support an open source community of developers, built on the decentralized XRP ledger and the use cases for XRP on that ledger. This support comes in two ways: first, through partnerships and investments to help innovative blockchain projects grow; second, through contributions to open-source cryptographic protocols such as the XRP Ledger and the Interledger project, to build cryptographic infrastructure. Additionally, Xpring is building a developer platform to support open source developers utilizing these protocols. Xpring invests using a combination of traditional currencies and XRP. XRP investments are generally subject to sales restrictions and are intended to be used directly in tools and services that are being developed.

• Bolt Labs is a privacy-focused payment channel network supporting multiple digital currencies. Bolt scales off-chain transactions while maintaining privacy.

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Agoric enables developers to build secure smart contracts and new digital assets, linking to public and private blockchains.