Ripple’s second-quarter report released Wednesday came with a few surprises: a gain, a loss, and a new partner.
The distributed ledger technology firm’s total sales of XRP increased by nearly 48 percent to $251 million in the quarter, outpacing the first quarter’s $169 million in sales. Direct institutional sales drove the uptick, increasing nearly 73 percent to $107.9 million from $61.9 million. Though programmatic sales still accounted for the majority of sales volumes with $144.6 million made in the second quarter up from $107 million in the first.
Despite this growth, the company states in a forward-looking projection:
“Ripple plans to take a more conservative approach to XRP sales in Q3.”
The company plans to pull back from certain over-the-counter exchange markets to focus on where liquidity is most needed, which may negatively impact institutional direct sales. Likewise, Ripple will target programmatic sales at 10 basis points of their lowered trading volumes.
According to the report, Ripple’s global trading volumes dropped 28 percent quarter over quarter, from $595 million to $429.5 million, though that’s the result of better accounting rather than failed business strategy. In June, mid-way through the second quarter, Ripple changed its benchmark for trading volumes. The firm announced it has worked with data and indices firm CryptoCompare to weed out previously inflated statistics.
CryptoCompare CEO Charles Hayter said his firm uses “granular trade and order book data, rather than aggregate volumes.” Previously, Ripple reported publicly available data from CoinMarketCap. As a result, much of the information in the new report is difficult to compare to previous quarters, as the data were based on different – perhaps illegitimate – metrics.