Ripple’s XRP sales dropped 86%

Ripple outlines its quarterly sales of crypto asset XRP.

n the first quarter of 2020, the San Francisco payment company sold XRP worth $ 1.75 million, down 86% from the $ 13.08 million sold in the previous quarter.

$ 1.75 million in XRP was sold directly to institutions, and Ripple sold zero XRP to crypto exchanges, which is usually programmatic.

“Ripple continued its pause in programmatic sales, focusing solely on its OTC sales to build the utility and liquidity of XRP in strategic regions, including EMEA and Asia.”

Ripple drastically slowed its cryptocurrency sales after Q3 in 2019 when it sold $ 251.51 million in XRP.

The company, which owns more than half of the total market share of the third largest cryptocurrency by market capitalization, says it is selling some of its funds to finance its operations and invest in startup companies.

In December, Ripple raised $ 200 million in Tetragon-led Series C funding, which estimated the company at $ 10 billion.