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Ripple sales hit 87% in the first quarter of 2020

XRP sales were down 87% in the first quarter of 2020. This is the worst Ripple ever.

Ripple has published a financial report for the first quarter of this year. During this period, the company sold XRP for $ 1.75 million. In the last quarter of 2019, this figure reached $ 13.08 million. The drop in sales was a record 87%.

The strong decline is due to a sharp decrease in direct institutional sales, as well as a prolonged pause in sales to cryptocurrency exchanges.

According to the report, Ripple focused exclusively on XRP over-the-counter sales. The emphasis is on strategically important regions such as Europe, Asia, the Middle East and Africa.

The decline in sales began in the third quarter of 2019, when the company temporarily stopped selling XRP exchanges. At that time, the collapse reached 80%.

Source: The Block

Exchanges accounted for most of XRP sales, but the company decided to abandon this practice. The reason for this was reports of overstatement of trade volumes.

XRP’s total trading volume, by contrast, increased significantly in the first quarter. This figure reached $ 29.68 billion, an increase of 72% compared with the previous quarter.

Finally, Ripple noted that the number of transactions on the RippleNet network has tripled over the last quarter, and their dollar value has increased by 294%.

Earlier, Ripple CEO Brad Garlinghouse admitted that his company would not have been profitable without the sale of XRP.

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