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- Ripple, the currency exchange network managing XRP has published the XRP Market Quarterly report.
- Ripple expanded its Over -The- Counter sales with strategic partners in strategic regions like EMEA and Asia.
- Q4 was significant for the launch of Xpring.io to serve as a developer’s central hub for payment integration.
Ripple, the currency exchange network managing XRP has published the XRP Market Quarterly report, in an attempt to preserve transparency and ensure proactive communication on the company’s view on the state of XRP.
One hundred billion units of XRP created in June 2012, and in September 2012, Ripple gifted a portion of this. Currently, more than 150 different known validators participate on the network, ensuring fairness and neutrality on the XRP Ledger as no single entity has the power to alter a transaction after it has added to the Ledger.
Ripple sustained its approach to reducing XRP sales and pausing programmatic sales in Q4 of 2019 as well but also continued to face challenges regarding the persistence of fake volumes in the industry. XRP’s total sales in Q4 were 13,08 million USD as compared to 66.24 million USD in Q3.
Ripple expanded its Over -The- Counter sales with strategic partners in strategic regions like EMEA and Asia. The total OTC only sales ended Q4 at 8bps of CCTT, a 78% drop from the previous quarter.
Daily volume has decreased from $198.10 million in Q3 to $187.34 million in Q4.
XRP’s volatility was 3.1%, a drop from the previous quarter but similar to that of ETH and BTC. Q4 of 2019 also saw a release of 3 billion XRP out of escrow, with Ripple returning 1 billion to escrow in December 2019.
Q4 was particularly notable for a series of announcements by Ripple on its over two dozen customers who include MoneyGram, goLance, Viamericas, FlashFX, and Interbank Peru. Along with the USD-MXN and USD-PHP ODL corridors, the company went into a new production ODL corridor from EUR-USD.
Additional halls across APAC, EMEA, and LATAM planned for in 2020. The dollar value transacted through ODL increased by 650% between Q3 and Q4, with a 390% increase also seen in the number of ODL transactions. Ripple’s latest investment in Bitso, Mexico’s largest exchange, has paid off with sufficient support seen for its partnership with MoneyGram for the US-MXM corridor.
Q4 was significant for the launch of Xpring.io to serve as a developer’s central hub for payment integration. Xpring’s investment in BRD and TowoLabs has shown considerable promise for the new website.
Derivatives trading recorded remarkable growth last year with XRP derivatives becoming available on exchanges like Binance, Huobi, OKEx, AAX, and FTX.
Further development in this regard expected in 2020. The digital borrowing and lending market are now a 5-billion-dollar industry with XRP becoming available on crypto lending platforms like Genesis, Celsius, Nexo, and SALT.
The report published by Ripple also included the company’s market commentary. It highlighted market moves, including China’s 66% control of the bitcoin hash rate, Bitcoin’s six month low in November, and Kraken‘s continued acquisition spree, acquiring Bit Trade this time.
About Regulatory activity, the report spoke of CFTC Chairman Heath Tarbert’s view on the use of derivatives aiding industry maturity. SEC’s alert on IEOs and Former CFTC Chairman J. Christopher Giancarlo’s NGO, which expected to develop a U.S.-backed “digital dollar” project with consulting firm Accenture.
The industry player news for the quarter included the announcement of the next phase of Ubin for cross border payments and Facebook‘s CEO Mark Zuckerberg’s testification before the Financial Services Committee about the Libra whitepaper
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
