Ripple has released its Q3 2018 XRP Markets Report, which shows that XRP sales doubled in Q3, largely due to institutional buying.
Total sales of XRP was $163 million up from $73.5 million in Q2. Institutional sales accounted for the majority with $98 million, from only $16 million in Q2. The increase is largely down to the hype and release of the xRapid product.
XRP had traded in a tight correlation with the overall crypto market but was underperforming until the September rally on the xRapid news.
Another interesting chart highlighted the growing importance of South Korea and Malta. The latter surprisingly accounted for, “two-thirds of digital asset trading”. Koreans have increased their trading volumes as the emerging markets have struggled in the global risk sell-off. Although Malta has been a strong supporter of blockchain technology, the European nation only has a GDP of $12bn. A large portion of the volume may be from institutions and startups who have moved to the regulation-friendly island. Malta’s moves to adopt cryptocurrency has seen the country attract the name “Blockchain Island”.
Ripple’s XRP has struggled to see follow-through on xRapid. This is due to the small number of companies that have signed up so far. XRP has consolidated the recent rally but a further advance cannot be ruled out.