The San Francisco-based blockchain startup Ripple has announced that the revenue from the sales of the cryptocurrency XRP doubled in the 3rd quarter compared to the 2nd Quarter of this year.
According to its quarterly market report released yesterday, the company sold more than $160 million in XRP in the 3rd quarter. In the last quarter, Ripple only sold $75.53 million in digital token XRP. The fintech startup said most of its profits came from direct sales. The parent company sold $16.87 million XRP while its subsidiary XRP II sold an eye-watering $98.06, according to the report.
The Ripple (XRP) price has risen tremendously over the past few months. At the time of writing, it is currently trading at around $0.45 per token. The total supply stands at 100 billion XRP with a total market capitalization of $18 billion, according to data from CoinMarketCap. This is a great improvement over a few years ago when 100 XRP tokens were worth less than a dollar.
In 2017, it was reported that Ripple locked up billions of dollars worth of its native XRP token in order to help ensure the stability of the total supply. It is more likely that the surge in the price of XRP is the market reacting to this move.
The report also said that Ripple removed 3 billion XRP from escrow over the last three months. However, 2.6 billion XRP were moved to new escrow accounts. “The remaining 400 million XRP not returned to escrow is being used in a variety of ways to help support the XRP ecosystem.”
Ripple (XRP) continues to be one of the forces to reckon with in the cryptocurrency ecosystem. The blockchain startup aims at working with governments and financial institutions to create a regulated cryptocurrency environment.
It was also announced last month that Ripple will lead a group of blockchain startups in America to lobby Trump administration to propose crypto-friendly legislations.