Ripple Says Sales of XRP Cryptocurrency Rose 83% In Q1

San Francisco startup Ripple Inc. is reporting an uptick in sales for a cryptocurrency core to its product suite.

According to a post on the firm’s site, released Wednesday, the company sold $167.7 million worth of XRP in the first three months of 2018, an increase of 83 percent compared to the previous quarter and of 2,400 percent compared to the first quarter of 2017. Ripple has long been closely associated with the open-source XRP Ledger, a technology on which it has built tools aimed at enterprise businesses.

The company further said direct sales of XRP totaled $16.6 million – a decline of 17 percent compared to the previous quarter. Programmatic sales of the cryptocurrency more than doubled, on the other hand, rising from $71.5 million to $151.1 million.

Tom Channick, Ripple’s head of corporate communications, told CoinDesk that XRP sales “exceeded our expectations.”

He added:

“As a company, our strategy remains focused on signing up customers to use our technology and moving those customers into production. If we continue to do that, we will fix how money moves around the world.”

The total volume of XRP traded globally also increased markedly in Q1: volumes grew 68 percent to reach $160 billion for the period.

XRP’s clout relative to the total cryptocurrency market grew in Q1, with its share of overall market volume growing from 5.3 percent at the end of 2017 to 6.9 percent at the end of March.

As for its share of total cryptocurrency market value, the report notes:

“While the total market capitalization of all digital assets was the same on both November 24, 2017 and March 31, 2018, XRP’s share of that market capitalization doubled, rising from 3.56 percent to 7.57 percent – a continuation of a trend that first began in 2017.”

XRP’s price took off in late 2017, rising from less than $0.25 at the beginning of December to a peak of $3.84 in early January. The token’s subsequent fall was just as steep, and within a month, it was trading at just under a dollar. At the time of writing, 1 XRP is worth around $0.82…

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