Ripple Reports Uptick in Investor XRP Interest as Sales Triple in Q2

A new report from distributed ledger startup Ripple suggests institutional investors are increasingly interested in its native cryptocurrency, XRP.

According to the San Francisco startup, its licensed subsidiary sold $31 million worth of XRP during Q2 2017. The figure was up threefold from Q1, when it recorded $6.7 million in sales.

According to the report, $21 million in such purchases came from institutional investors who actively approached the company through Ripple’s licensed money service business. The company sold an additional $10.3 million XRP in a more passive way through sales of the asset to fund its operations.

On public exchanges, Ripple also noted an increasing volume of fiat-for-XRP purchases during the same period, again suggesting an increasingly more mainstream audience.

While bitcoin contributed to 85% of total exchange-traded XRP volume in Q1, this number dropped to 63% by the end of June, according to the company.

As of press time, XRP is trading at $0.17, down from $0.40 on May 17, its most recent all-time high.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.

Ripple token image via CoinDesk archieves

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

Source: Coindesk