Ripple sales dropped in 2Q, report shows; XRP/USD locked in a range

• XRP/USD is moving in sync with Bitcoin.
• Ripple published its quarterly results.

XRP/USD is trading at $0.4610, having retraced from Tuesday’s high at $0.4699. XRP’s market value is registered at $18B with the average daily trading volume $231M from $316M from $170M on Monday.  

Ripple company published the 2Q 2018 XRP Market report, which reflected a sharp decline in XRP sales on a quarter-to-quarter basis. The sales volume amounted to $75.53 million in XRP, compared to $167.7  in the first quarter.  

“XRP was notably less volatile in Q2 and XRP’s 9.0 percent price decline was in line with bitcoin’s 8.2 percent decline. Despite the tepid environment, the company’s XRP sales proved to be a drop in the bucket of an XRP market that traded $45.35 billion,” the report says.

At the same time, the company concluded several new partnership deals. For example, Coil startup will use XRP for micropayments,  facilitating “bite-sized” purchases of media, while SB Project will use the coin to  improve artists’ ability to monetize and manage their content.

“Both of these new entrants have support from  Xpring, a new initiative by Ripple that will work with companies and projects run by proven entrepreneurs that are building out the XRP ecosystem.”

The company also noted the market slowdown ongoing concern around regulation, both in the U.S. and around the globe  in the second quarter. However, XRP’s decline was in sync with the rest of the market.

“It’s also important to note that despite Ripple having its best quarter ever in Q2 “” in terms of customers signed “” XRP’s price continued to decline with those of other digital assets, underscoring XRP’s independence from Ripple.”