The San Francisco-based blockchain payments startup announced on Wednesday that they have sold a total of $169.42 million in XRP this quarter, whereas in the Last quarter they had sales of $129.03 Million. As per the reports, Ripple has confirmed a significant increase of 31% in sales of XRP as compared to Last quarter of Previous year.
While this quarter was not that good for Ripple as the total volume of XRP traded globally, witnessed a sharp decrease of 2 percent reach $53.85 billion in Q1 as compared to $54.82 billion in Q4 of last year.
Ripple added that XRP’s direct institutional sales totaled $ 61.93 million in the first quarter, up 54 percent from the previous quarter. Programmatic sales of cryptocurrency increased from $ 88.88 million to $ 107.49 million, an increase of 21%.
On looking at an annual report on XRP sale over the last year, it was evident that no significant growth been made. In the first quarter of 2018, the firm sold $167.7 million-worth of XRP, which is just 1.03 percent less than Q1 this year.
Ripple said it had released XRP 3 billion in escrow accounts in the first quarter of 2019, and an additional $ 2.30 billion of XRP was returned and placed on new escrow contracts. “The remaining 700 million XRP is not returned to an escrow are being used in a variety of ways to help support the XRP ecosystem,” the firm stated.
XRP, the third-largest cryptocurrency by the Market cap, is now listed on approximately 120 stock exchanges, while 19 new exchanges have been moved to list cryptocurrency in the first quarter of 2019, according to Ripple data.
From January to March 2019, “rolling volatility of 30-day returns steadily declined throughout the quarter.” Ripple added.
XRP Price Prediction
A significant increase of 31% is good news for XRP army according to this the first quarter of 2019 has proven to be a profitable one with $169.42 million worth of XRP sold this Quarter.
Although, it’s major news for XRP community and should boost the price of XRP. However, considering the fact that with the volume of global trade XRP which decreased from $ 54.82 billion to $ 53.85 billion. Silicon Valley technology companies report that 3 billion XRP units have been withdrawn to escrow ownership. Of this amount, $ 2.30 billion was included in the new escrow agreement and $ 700 million was used to support the XRP ecosystem.
XRP Price Analysis
This week, we mainly observed downward movements of the reference price below 0.3200 USD against the US dollar. The XRP fall after breaking support at $ 0.3060, there was a sharp decline below support levels of $ 0.2950 and $ 0.2920.
The price further decline to the $ 0.2800 level and now, the price corrects higher than $ 0.2850. It surpassed the Fib retracement level by 23.6% from the recent decline. However, there are many resistances close to the $ 0.2950 and $ 0.2970 levels.
If the price corrects upward, it could face a strong resistance lying around the $ 0.2940 and $ 0.2970 levels. Only a successful close above the $ 0.3k level is likely to open the door to a decent rebound. Otherwise, the price should remain in a downward trend below resistance at $ 0.2970.
Ripple price seems to be in trouble below the pivot level of $ 0.3000. As long as the price is below $ 0.300, sellers retain control. An upward correction of current levels to around US $ 0.2970 can be considered a sales opportunity.