The native token of the digital payment network Ripple, XRP has reportedly benefited from twice as much demand in the third quarter of this year compared to that in the second.
The Q3 2018 XRP Markets Report shows that sales of XRP reached USD 163.33 million in Q3, compared to USD 75.53 million in Q2. The largest proportional increase came from institutional direct sales, gaining a massive USD 81 million to reach a total of USD 98.06 million. Programmatic sales offered smaller gains, from a Q2 total of USD 56.66 million to USD 65.27 million.
The total XRP sales in Q3 come in at USD 163.33 million.
The report touches on the fall of the total market capitalization of digital assets during the quarter, adding that while XRP traded in tight correlation with this in the majority of the quarter, it benefitted from an independent price rally in September.
Geographical trends are also brought up, with Malta making the most significant impact. The report reads: ”For more than two-thirds of the quarter, overall global digital asset trading was led by exchanges based in Malta… Prime Minister Dr. Joseph Muscat has called cryptocurrencies “the inevitable future of money.””
Further praise of the Mediterranean nation in the report applauds its clear legal framework regarding cryptocurrencies, and its 5% corporate tax rate for international companies.
Ripple in the 2020 Olympics?
A recent campaign to get XRP nominated as the 2020 Olympic’s official cryptocurrency has achieved nearly 14,000 signatures of its targeted 15,000 on a Change.org petition.
Organizers of the Tokyo games have not yet made it clear whether or not any cryptocurrencies will be accepted, although Ripple campaign head Ken Takahashi says that it would be the perfect opportunity to test cryptocurrency payments on a large scale.
Takahashi explained, ”As tourists stream into the country, demand for the local currency skyrockets, causing long lines at currency exchanges, as seen at past events like Beijing 2008 and Rio de Janeiro 2016. Confusing exchange rates and language barriers further complicate the problem.”
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