Keeping with the idea of providing transparency to the Ripple ecosystem globally, Ripple strives to share regular updates on the state of the market, quarterly sales, important notices, and reports on previous quarter market development. As the first quarter of 2018 comes to an end, Ripple’s team shared their report covering the shape of the digital coin in the market.
Indeed, this is essential as XRP society can keep up with how their preferred digital investment is doing. So, I decided to cover Ripple’s first quarter report 2018 for our GlobalCoinReport readers – here is the breakdown of what XRP achieved during the Q1 2018 as per the incredible team behind the coin.
In the first quarter 2018, market investors managed to purchase $16.6 million worth of Ripples directly from XRP II, LLC., Ripple’s registered and licensed money service business.
The XRP II, LLC is registered and licensed by the New York State Department of Financial Services to engage in the Virtual Currency Business activity. Going by the sales achieved by Ripple in the first quarter, it is determined that the coin did very well in the digital market along with other currencies as analysts in 2017 predicted it.
In fact, the majority of cryptocurrencies’ performance in 2017 gave indications that 2018 would indeed be a year when digital assets will grow by heap and bounds going through waves of heightened trade volumes and of course, mass adoption.
The first quarter of 2018 has seen many cryptocurrencies weather a period of intense volatility with an all-time market cap high of $814 billion being recorded in January. The growth of cryptocurrency over the past year has been extraordinary, for instance, early January 2017 yielded a total cryptocurrency market capitalization of only $17 billion.
Ripple (XRP) in Comparison to the Digital Assets Market in Q1 2018
— Ripple (@Ripple) April 25, 2018
According to the official report, Ripple’s overall market capitalization reflected that of the total digital asset market, although at times it seemed like XRP exaggerated its numbers in comparison to the whole market.
During the transition of the last quarter of 2017 and the first week of January 2018, the cryptocurrencies continued with their pace of growth that saw a steady $603 billion of all digital assets’ total market cap grow to over $800 billion in market capitalization. A rise of over 200 billion USD in only one week, with XRP being a significant contributor of this enormous increase in the total market cap.
However, Ripple recorded a 73% drop as its price shifted from $1.91 in January 2018 and finished the quarter at $0.51. The market cap also dropped dramatically to $263 billion of all digital assets’ total market capitalization at the end of 2018’s first quarter. That means that the whole cryptocurrency market including XRP lost up to 56 percent of the total cap only in a single quarter.
However, contrary to the market loses, XRP had something to smile about as it had its highest trading volume in history with a total of $160 billion of notional-traded coins that got traded in just one quarter.
The Start of Q2 2018: Ripple (XRP) and the Market
Currently, XRP is at $0.84397 while it just recovered from a dip of about 2% along with other digital currencies like Dash, NEO, BTC, and Litecoin just today.
Also, XRP is up today by +5.75% jumping against the USD and trading in the green. Consequently, holders and traders have their hopes up and believe XRP will hit the $1 mark soon.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Thomas Hawk via Flickr