According to Ripple’s Q4 report for 2018, Ripple sold $535.55 million worth of XRP in 2018 so we are taking a closer look in the report in today’s altcoin news.
The report notes that the sale of XRP tokens in Q4 2018 was close to $130 million which is approximately 0.24 percent of the global XRP volume. The average XRP daily volume for Q4 2018 was close to $585 million and it is the highest level since the first quarter of 2018.
3 billion worth of XRP was released during the Q3 in 2018 while 2.4 billion were returned. The report shows that the remaining 600 million XRP that were not returned to an escrow is now used in ‘’multiple ways to help support the XRP ecosystem, including the RippleNet Accelerator Program and Xpring investments like Securitize.’’
The high volatility of XRP led to daily returns up to 5 percent in Q4 which is the lowest value since 2016 Q4. In the last quarter of 2018 the correlation of XRP price movements that were ‘’returned to the elevated levels seen through the end of the first quarter of 2018 to Q3 in 2018.’’
Before releasing the report, the crypto analytics company Messari published their own report where it shows that the XRP’s market capitalization could be overestimated by as close to $6 billion. The report points out that the liquid circulating supply of XRP could be overestimated by 48 percent thus the actual market cap stands at $6.9 billion instead of the $13 billion reported.
Messari also noted that it is impossible to make precise estimates without having a disclosure from Ripple themselves which still hasn’t happened.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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