- Ripple Labs published its quarterly reports with data on XRP token sales.
- The company slashed programmed sales to address the fake trading volumes issue.
Ripple Labs announced that it sold XRP tokens worth of $251.51 in the second quarter. In the first quarter, the sale brought the company $169 million.
According to the recent publication, over $100 million were attributed to direct XRP sales to institutional investors, while $144 million were obtained from the so-called “programmatic sales”, made by Ripple partners based on global XRP trading volume.
“The Q2′ 19 XRP Markets report outlines the steps we are taking to address the issue of inflated reported volumes and dives deep into XRP performance this quarter,” the company wrote on Twitter
The company also noted that the company temporarily suspended programmatic sales and imposed limits on institutional sales to assess the problem of inflated trading volumes on the cryptocurrency exchanges that surfaced in the second quarter.
Later the company resumed the sales; however, their volumes were slashed by 50% as compared to the previously used benchmarks.
Additionally, to provide reliable data on the trading volumes, Ripple has adopted the Top Tier (CCTT) tool offered by the CryptoCompare portal, which includes the high-rated exchanges.
Thus, according to CCTT, the average daily trading volume of XRP in the second quarter was registered at $429.51 million compared to $ 156.01 million in the first quarter; however, the CoinMarketCap data registered $1.74 billion.
“For now, Ripple will use CCTT as its benchmark, and will continue to work proactively with industry participants toward resolving the issues around unreliable industry volume data,” the company noted.
Ripple plans to adhere to a conservative approach to XRP sales.
Apart from that, in the second quarter, XRP token was listed on 12 new exchanges. Consequently, now it is tradable at 130 trading platforms.
It is worth noting that Ripple Labs signed an agreement with technology start-up Coinfirm to monitor the use of the XRP token. Allegedly, the data will be collected to counter money laundering. The information gathered by Coinfirm will not include the identification data associated with the public addresses where tokens are stored.