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Ripple Reports Major Growth in XRP Sales in First Quarter

American financial technology firm Ripple, which is responsible for the development of the cryptocurrency XRP, has declared its fiscal first-quarter results.

The company, which was founded in 2012, is the largest holder of XRP, the third biggest cryptocurrency in the world, and is based in San Francisco, California. It has offices located around the world. The currency XRP, in itself, is decentralized. According to the Q1 2019 results, the company reported major growth in XRP sales, and that is positive news for the broader crypto market, which has been largely subdued this year.

XRP Sales

The sales of the billions of units of XRP held by the company is its biggest source of income, and in the first quarter, Ripple sold XRP for $169.42 million. However, it is far more important to note that out of those total sales, $61.93 million worth of XRP was bought by institutions and this is a clear indicator that some major players in the financial sector might finally be moving into crypto.

XRP is supposed to be used as a bridge currency for international payments, and so it is not surprising that institutions have bought the cryptocurrency. More importantly, the total sales reflect a rise of as much as 54% in XRP sales from the previous quarter.

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Beyond the Numbers

Although the quarter on quarter growth in sales is certainly a huge breakthrough for the company, it needs to be pointed out that growth in year-on-year sales in XRP is not significant at all. In the same quarter in 2018, Ripple sold $167.7 million worth of XRP and once compared with the figures of the last quarter, the overall growth is merely a little over 1%.

In addition to that, the volume of XRP trade on a global level declined on a quarter-on-quarter basis. In the previous quarter, the total traded volume was $54.82 billion, while in Q1 2019 it stood at $53.85 billion. This reflects a 2% drop in traded volume. However, it cannot be denied that it has not been a particularly great year for cryptocurrencies and hence, the quarter-on-quarter sales growth is being looked upon in a positive light.

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XRPayments

Ripple Startup Launches XRPayments App

It’s no secret Ripple has been looking for more mainstream adoption. And, based on XRPL Labs’ recent announcement, it appears XRP is on its way to achieving just that. News surfaced this week that XRPL Labs, a Ripple-backed startup, has rolled out a new payments app called XRPayments.

Here’s why the app is important.

XRPayments App Available on iOS and Android

The launch of the app makes considerable sense. Not just because Ripple itself is trying to bring more attention to XRP, though. XRPL Labs has also been trying for more use and adoption of the token. And by turning compatible devices into PoS systems, which allows retailers to accept the digital asset in stores, this is sure to bring more attention to XRP.

The app is available on iOS through the App Store. It is also available on Android via the Google Play Store.

Wietse Wind, the co-founder of the Ripple-backed startup, first tweeted the news on April 18, writing: “Our XRPayments app was just accepted by Google and Apple. You can get the app now from the Apple iOS or Google Play store, and start accepting $XRP for payments in your physical store!”

More Good News for Ripple

On top of the launch of XRPayments, Ripple enthusiasts have been met with even more good news. Last week, it was announced that Ripple was included on the Forbes Blockchain 50 list.

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Ripple: Here to Stay?

Some people are always going to remain bearish on the topic of cryptocurrencies. While justified at times, XRP and Ripple have been doing reasonably well in 2019, and the launch of XRPayments indicates there are more good things coming not only to the company but the crypto community as well.

What do you think, though? Do you think XRPayments will change the game for retail owners? Let us know in the comments below.

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SIX Stock Exchange

SIX Stock Exchange Adds XRP to Latest ETP Project

The largest stock exchange in Switzerland, the SIX stock exchange, is planning on launching an XRP crypto exchange-traded product (ETP). Amun AG was the first crypto startup to launch ETPs on SIX. Hany Rashwan, CEO of Amun AG, told CoinDesk that this new product will have the ticker AXRP.

SIX Stock Exchange Adds XRP ETP

The SIX Stock Exchange has not released any formal news yet on this matter and the ETA of AXRP is unknown at this time. In addition to the XRP ETP, Rashwan told CoinDesk that SIX has approved ETPs for four more altcoins. According to the CEO, Bitcoin Cash (BCH), EOS, Stellar (XLM), and Litecoin (LTC) will be the next altcoins to get their own ETP products on the SIX Stock Exchange.

Amun AG has yet to provide thorough details regarding the new ETP listings. In November of 2018, SIX launched its first ETP that tracks a basket of top-weighted cryptocurrencies. This new product was issued by Amun AG under the HODL ticker. Since November, this total monthly trade volume for HODL has taken over an ETP that tracks crude oil. According to research by CoinDesk journalists, HODL became a top traded ETP on SIX in both December and January, prompting further digital currency ETP products.

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Rashwan told CoinDesk that most of the buyers of these products are based in Switzerland. Over the past few weeks, Amun AG has issued Bitcoin (BTC) and Ethereum (ETH) ETPs on the SIX Stock Exchange.

What is an ETP?

ETPs are passive investment instruments with no active trading strategies involved. ETPs are priced so the value is derived from other investment instruments such as a currency. SIX has its own rules for these traded products and states they are not treated as “collective investment schemes;” therefore, ETPs are not supervised by Switzerland’s market regulator. Amun AG backs each ETP by an identical amount of crypto assets, which is checked on a continuous basis. Rashwan told CoinDesk it stores its collateral with Kingdom Trust.

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Coinbase Pro

Coinbase Pro FINALLY Adds Ripple and XRP Gets a Boost

It’s official, Coinbase Pro has officially added Ripple (XRP) to its platform—finally! The US-based cryptocurrency exchange announced the news via its blog and social media platforms yesterday. It seems that Coinbase is no longer waiting for the US Securities and Exchange Commission to make a decision on if XRP qualifies as an unregistered security or not. Cryptocurrency investors have been waiting for this move for many years.

Coinbase Pro Adds XRP

The post states that the exchange began accepting inbound transfers of XRP yesterday at 10 AM. When a sufficient supply of the digital currency is established on the platform, Coinbase will open trading. Trading for XRP will only be accessible to Coinbase Pro users in the US (excluding NY), EU members, Canada, Australia, Singapore, and the UK.

The company plans on adding additional jurisdictions down the road.

XRP Launch Stages

There will be four stages to the launch of XRP. Coinbase explained in its blog post that it “will follow each of these stages independently for each new order book.” As the company moves through each of these stages, if the specific stage doesn’t meet its assessment for a healthy and orderly market, Coinbase will likely remain in that stage for a longer period of time than previously anticipated.

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The exchange might also suspend trading at that time to fix and access the issue. The company plans on informing investors of its stage moments via its official Coinbase Pro Twitter account.

Phase one started yesterday and will be transfer-only. As stated above, customers are now able to transfer XRP into their Coinbase Pro account. Customers are not yet able to place orders.

Phase two will be post-only. Customers will be able to post limit orders, but no matches (completed orders) will be done at that time.

In the third stage, limit orders will begin matching, but customers will be unable to submit market orders.

In the final stage, full trading services will be available, including limit, market, and stop orders.

XRP Price Movement

At the time of writing, XRP is trading at $0.32 a coin, up +5.07% in 24 hours.

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Ripple

Ripple Feeling Pressure? Brad Garlinghouse Speaks Out About JPM Coin

Ripple’s CEO, Brad Garlinghouse, has finally responded to JPMorgan’s recent announcement of its new JPM Coin. Is Ripple feeling the pressure or just annoyed with a bank adopting a similar system? Let’s find out.

Ripple CEO Responds to JPM Coin News

Long before this tweet, Garlinghouse released a blog post titled ‘The Case Against BankCoin’ on his LinkedIn back on August 24th, 2016. The post describes the very thing that was just recently released by JPMorgan. In his earlier piece, Garlinghouse feels these projects are misguided and would cause even more friction than what our current currency landscape has now.

The CEO explained:

“If banks of different digital asset groups want to settle trades with one another, they’ll have to make markets between their unique digital assets or trade between their digital assets and a common fiat currency. What a mess!”

Garlinghouse believes that if each major US bank adopts its own coin, the system will become flawed because they aren’t all using the same digital currency and blockchain system.

SWIFT is the current financial system both projects are attempting to replace, and many analysts speculated yesterday that JPMorgan’s new project will be a direct threat to Ripple.

“JPM’s project is much more evolutionary than revolutionary—it is utilizing a private, permissioned blockchain technology called Quorum, which is much closer to a Google Sheet than a Bitcoin,” said Travis Kling, the Los Angeles-based founder of crypto hedge fund Ikigai Asset Management. “The project is clearly competing directly with Ripple Labs and their centralized cryptocurrency XRP.”

It is highly unlikely that if other major US banks get on board, they will adopt the JPM Coin. Most likely, each bank will want to use its own system and coin—after all, they are competitors. Like Garlinghouse said, that could make for an even more messy financial system than the one we currently have.

The biggest contention point between XRP and the new JPM Coin is its value. JPMorgan said yesterday that its coin is directly pegged to the US dollar, making it a stablecoin. XRP, on the other hand, is not, which may be a reason why most of the major US banks have opted out of using Ripple and XRP for cross-border transactions and remittances.

JPMorgan will start testing its digital currency in small doses within the next few months. It will be interesting to see how the other major US banks respond and if they will start trying to whip up their own blockchain and digital currency.

What are your thoughts? Is the JPM Coin a major threat to Ripple and XRP?

Featured Image: DepositPhotos © membio

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