The company behind the XRP, Ripple, recently published its Q2 report and revealed that it has sold $251.51 million worth of XRP in this year’s second quarter.
48% Up in Sales
The report also showed that Ripple, the third-largest crypto, sold an estimated $169.42 million XRP in the first quarter of the year. It means that the company’s XRP quarter-to-quarter sales went up by about 48%.
It also stated that with regards to the quarterly sales of XRP, Ripple’s future token sales will consequently see a substantial drop. The company also noted that it limited its XRP sales during the quarter because of the supposed overblown trading numbers. Due to this, Ripple will temporarily sopits programmatic sales and place limits on its institutional sales.
The Q2 report also stated that Ripple sold $144.64 million via programmatic sales and $106.87 million in direct sales.
The document also touched on XRP’s quarterly escrow activities. The company already explained its version of the escrow system in 2017, stating that it would give a steady XRP supply.
This year’s Q2 report revealed that Ripple withdrew one billion from escrow monthly during the quarter. 2.1 billion from the three billion XRP withdrawn were said to have been reinvested in other escrow contracts. Meanwhile, the remaining 0.9 billion were allegedly utilized to finance XRP developments through its RippleNet partnerships and the company’s incubator, Xpring.
It was announced early this month that Xpring had used $500 million on projects ever since the incubator was established about a year ago. It also emphasized that it would put a higher priority on developing new XRP use cases via innovative projects and infrastructure construction.