July 24th, the day many have been waiting for as Ripple published there Q2 Markets Report. Boy oh boy was this a piece of beauty. Every quarter Ripple publishes there quarterly XRP Market Reports to provide regular updates on the state of the market, including quarterly programmatic and institutional strategy and sales.
Let’s highlight some of the key things from the Q2 Report:
- Ripple sold $251.51 million XRP in Q2 2019 and is substantially reducing future sales of XRP. Let’s stress that again: REDUCING FUTURE XRP SALES. Now folks, why in the world would Ripple reduce the sale of XRP? What are the benefits of less XRP coming out onto the market? Or forcing institutions to go to an exchange to purchase XRP? This is massive massive news and Cory Johnson (remember him) has even hinted at this.
- XRP is now listed at over 130 exchanges worldwide
- Ripple sold $106.87 million XRP in institutional direct sales and $144.64 million in programmatic sales.
- Q2 saw the highest number of customer transactions on RippleNet. In fact, the number of xRapid transactions increased 170% from Q1 to Q2 and Ripple had a 30% increase in the number of live xRapid partners in Q2.
- Ripple announced a strategic partnership with MoneyGram which will focus on Xrapid
- SEC will establish a node on the XRPL
- The UK’s Financial Conduct Authority analogized XRP to ETH, which it recognized as a hybrid utility/exchange token, not a security token
- The G20 officially announced its support of the FATF’s crypto guidelines and ongoing work by the Financial Stability Board (FSB) to explore the implications of decentralized fintech and how regulators can better engage stakeholders.
All in all Q2 market report was massive! You do not have to take my word for it you can take Cory Johnsons:
— Cory Johnson (@CoryTV) July 25, 2019
In my opinion, there were 2 massive takeaways from this Q2 Report.
- SEC is going to run a node on the XRPL. Here is the full link: https://www.nextgov.com/emerging-tech/2019/07/sec-wants-subscription-blockchain-data/158225/
- Ripple is going to reduce the amount of XRP they are selling on the open market. This is only going to help the price move up.