- Ripple has published its quarterly business report. According to the report, the sales of XRP fell by 73.7%.
- The company also notes a strong upward trend in the distribution of misinformation (“FUD”) about XRP.
Ripple published its markets report on Q3 2019 a few hours ago to voluntarily provide “unprecedented transparency” to the investor community through regular updates on the state of the XRP market. At the same time, Ripple also urges others in the industry to follow his example “to build trust, promote open communication and raise the bar across the industry”.
The report states that FUD (Fear, Uncertainty, Doubt) has grown strongly in the last quarter. Ripple would like to counter this with facts in the report on the 3rd quarter of 2019. According to the report, Ripple sold $66.2 million of XRP in the third quarter of 2019, down 73.7% from the previous record quarter when XRPs worth $251.5 million were sold. Commenting on this dramatic decline, Ripple said they had deliberately shut down programmatic sales and focused OTC sales on a few strategic partners.
As a result, the XRP distribution rate was lower than the inflation rates of Ethereum (ETH) and Litecoin (LTC) and similar to Bitcoin (BTC).
During the third quarter, XRP’s price fell by 35.4%, while market capitalization fell by 30.4% over the same period, the report said. Over the same period, XRP volume fell 53% from $39.1 billion to $18.2 billion. While three billion XRP were released from the XRP escrow account, 2.30 billion XRP were returned.
According to the report, the volatility of XRP’s daily returns over the quarter was 3.6%. This was below the previous quarter’s figure of 5.0% and lower than other top cryptocurrencies.
Distribution of FUD
Ripple devoted a significant part of the report to the upward trend in FUD and the dissemination of misinformation on XRP. According to the company, the claims are a tool to undermine Ripple’s technology. The share of FUD by bots is enormous, according to Ripple:
Though Twitter is not the only place where FUD persists, bots on Twitter contributed to the propagation of FUD across the digital asset industry. They comprised 49% of the share of conversation about BTC, 71% about ETH and 50% about XRP.
Ripple claimed that the bots spread “dumping allegations” and price manipulation regarding Ripple. According to the report, bots’ discussions, particularly about Ripple ” dumping XRP” and “flooding the market”, increased by 179% quarter-on-quarter and became the most frequent FUD topic of conversation. Almost half (49%) of all discussions are bots generated.
Ripple contradicted the allegations of price manipulation and underlined that Ripple cannot control the XRP price. XRP exists independently of Ripple:
XRP exists independently of Ripple. […] XRP is traded on a fully functioning and independent digital asset market, including over 140 exchanges, in which Ripple plays a very limited role.
3rd quarter partnerships
As the company stated, the 3rd quarter was very successful in terms of expansion and cooperation with new and old partners. For example, Ripple “continued to see strong customer demand for on-demand liquidity (ODL – formerly known as xRapid), which XRP uses to raise liquidity for cross-border transactions”. The ODL volume increased by 75% compared to the previous quarter.
In addition, Ripple also recorded numerous new partnerships:
- Ripple acquired Algrim to support the development of ODL and “keep pace with strong customer demand”.
- Xpring has announced a new developer platform. Xpring is also working with BitPay to integrate XRP with the payment service provider.
- Xpring also invested in Coinme to bring XRP to crypto ATMs.
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