The renowned cryptocurrency project, the Ripple Foundation has released its quarterly report of 2018. This is the Q3, that is, the third quarterly report of 2018. Ripple has shown exponential progress in the third quarter following its streak of growth. Ripple Foundation aims in creating an Internet of Value, to process and transfer money and value across the globe just like data transfers across the internet.
The crypto firm sold over $165 million in Ripple (XRP), confronting all the rise of volatility in this third quarter. The crypto firm sales garnered in this quarter, made up for over 0.43 percent of the total annual global XRP volume.
More about the Q3 Report
The crypto firm has released over 3 billion XRP from its secure cryptographic escrow accounts, to maintain for its taxes and returns. It gradually did return about 2.6 XRP back to its secure cryptographic escrow accounts.
In this third quarter, about $65.27 million equivalent of XRP programmatically was transacted. This accounted for about 0.172 percent of the total global XRP trade volume.
Furthermore, the crypto firm’s another money services business (MSB) subsidiary made up for about $98.06 million equivalent of XRP in the direct sales of financial institutions. Moreover, all of this made up for $163.33 million equivalent of XRP.
The volatility of the cryptocurrency increased in the last weeks of the quarter following the increase in the price of the cryptocurrency. Furthermore, for most of the quarter, the volatility stayed afloat normally.
The cryptocurrency foundation released over 3 billion in XRP from its escrow account. But over 2.6 billion in XRP was returned back to those account. Furthermore, for the next fourth quarter of the year 2018, the foundation has secured and locked over 55 billion XRP in the cryptographic escrow account. This makes sure the flow of XRP cryptocurrency remains fluent, at any time of the year.
The cryptocurrency failed to make a significant mark in the market capital this year, which fell by 0.12 percent. The report keeps illustrating all the figures, hoping for a good flow of value this quarter.