Ripple is one of the most stable crypto currency as well as the most popular altcoin currently present in the cryptocurrency market. . Bitcoin, being the most popular cryptocurrency till date, maneuvers the individual price and market capitalization of a significant number of altcoins. Therefore, with Bitcoin entire crypto-market suffered from drastic losses and volatility. Ripple is one of those currencies that is completely independent of Bitcoin’s influence and is capable of showing stability in very bad market situation.
The major reason behind this crypto currency showing so much popularity is lower transaction fee, faster transaction system, and a very transparent blockchain platform that offers all the necessary information to their traders in an unadulterated manner thereby providing the investors to make the right call during trading. Hence, it is no surprise that Ripple would publish an extensive update in Quarter1 and their plans for in quarter 2. On 25th April, the Q1 report was published by Ripple’s team. Here, you would find out some very important facts and news from the Q1 report along with their plans for Q2 and how these new updates are going to change Ripple’s future and effect other crypto currencies.
Ripple Q1 Report :-
Quarterly Sales Amount: Despite the severe unrest all over the crypto currency market . Ripple has managed to hold its usual position during the first quarter with some small slips. According to their report, an amount of 16.6 million USD worth XRP was directly purchased by the market participants during this quarter. Moreover, the Ripple team was able to sell there $151.1 million worth Ripple coins as a small percentage of their overall exchange volume very easily.
Escrow Account detail: In this period, Ripple was released from an online escrow account which is cryptographically very secured. 3 billion XRP was released from this account among which 2.7 billion was put back into new accounts and the remaining 300 million were used in various ways to ameliorate Ripple’s ecosystem.
Market Share: at that time most of the cryptocurrencies struggled with keeping their market capitalization stable, at that time Ripple doubled their share of market cap from 3.56 % to 7.57%. This trend start by the end of 2017. Mostly, XRP’s overall market volume start grew considerably during Q1 from 5.3% to 6.9%.
New xRapid Customers: Ripple’s management and development team announced five new pilot customers during this period including Western Union, MercuryFX, IDT, MoneyGram, and Cambridge Global Payments. These pilot customers have been proved extremely effective so far in lowering liquidity cost and increasing transaction speed.
Coming Events for Ripple in Q2:
From the beginning of Q2, Ripple’s development team has been very busy in build a collaborative partnership with the blockchain consortium. According to their current roadmap situations , these three months are going to be very eventful for this currency coin. Some of the most important events that have happened so far in Q2 or about to happen include:
1.Major important Partnerships: Due to XRP’s smart payment solutions, new companies are making effort to engage in partnerships with this coin. At the time, the names of five major companies are FairFx, RationalFX, UniPay, 4Free, and MoneyMatch have already been announced by Ripple’s development team. Once these partnerships completed, Ripple’s xVia, which is already very popular for providing lightning fast cross-border transaction, is likely to become one of the most efficient and quicker as well.
2.Adulation from MercuryFX: MercuryFX is considered one of the most reliable global currency specialists in the market. After the implementation of xVia in Ripple, Ripple provide a flawless and inexpensive transaction system along with a very low liquidity cost. Recently, which happens to be in the second quarter of the financial year, MercuryFX praised Ripple by mentioning it a “first-class” liquidity solution and transaction facility to the traders all around the world.
Current Situation of Ripple:
Ripple presently holds the third position on Coinmarketcap with a market capitalization of nearly 33 billion USD and individual coin price of approximately $0.47 (as of 6th July 2018). After announcement of the recent partnerships and events has been able to produce a steady upward trend in its price chart.