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Ripple's Q2 report outlines future XRP selling plans
Ripple's 2019 Q2 report released yesterday had two notable points that would have been unexpected by most, but very much welcomed. Sales of the XRP token were up from $169.42m in Q1 to $251.51m in Q2. There has been much discussion around Ripple's release of 1bn XRP from escrow each month to sell directly and avoid exchanges. This has been earmarked as an explanation behind why the price has been relatively stagnant over the past few months. Investors have become frustrated in recent times after waves of positive fundamental announcements have had practically no effect on the price.
A comment in the latest quarterly report states that "Ripple sold $251.51 million XRP in Q2 2019 and is substantially reducing future sales of XRP'. This may well point to institutions now having to purchase XRP via exchanges and not directly from Ripple as previously. Should this be the case, then it is fair to presume that we may start to see XRP's price react accordingly.
The report went on to define what this statement was aiming to achieve:
"Going forward, Ripple plans to focus institutional sales on markets where the on-exchange liquidity for XRP is insufficient to meet institutional demand."
Additional encouraging comments in the report came from in the form of regulatory updates:
- The SEC announced that it would establish nodes on certain open-source, permissionless ledgers, such as the XRP Ledger, to help inform its policymaking.
- The UK’s Financial Conduct Authority analogised XRP to ETH, which it recognised was a hybrid utility/exchange token, not a security token.
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