Ripple Labs sold almost $100 million in XRP last quarter

Posted: 25 January 2018 8:48 am

Ripple weekly - ITI

The payment company behind XRP has been selling small amounts of Ripple each month.

As Ripple's XRP price rose almost 30,000 last year, the parent company behind it, Ripple Labs, sold US$91.6 million worth of XRP in the fourth quarter, it announced today.

In total, Ripple Labs raised over $US180 million from selling off small amounts of XRP in 2017 - all without giving up any equity in the company, and still holding billions of XRP.

Of the US$91.6 million that was sold last quarter, $20.1 million of it was sold directly to traders, will the remaining was programmatic sales.

Ripple Labs itself still owns about 60% of all XRP in existence, and regularly releases more currency into the market to both raise money and also control the flow of XRP.

Currently, the majority of Ripple Labs' XRP, about 55 billion, is in an escrow account where the company can sell up to 1 billion per month if they wanted.

In its fourth quarter statement today, Ripple noted that the fact the protocol and the future of the currency's success was controlled by it was a feature that distinguished it towards success moving forward. In particular, it called out the civil war right now between bitcoin and bitcoin cash and leadership issues with the likes of Ethereum and Litecoin as concerns XRP investors didn't face.

However, the future of XRP does rely on the partnerships Ripple Labs can put together, if it can put them together.

This morning, Ripple Labs also announced that it has added IDT Corporation and Mercury FX as two new payment partners for its xRapid product.

xRapid uses Ripple's XRP as a bridge currency to quickly transfer and settle international money transfers. MoneyGram was also announced this month as a customer for the technology.

New Jersey-based payments company IDT Corporation already uses other digital currencies to facilitate certain transactions, but believes xRapid will make this experience even better.

Ripple's price is currently sitting at US$1.35, according to CoinMarketCap.

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