Ripple success continues after April ended positively for Ripple Inc. Who published a report with the financial results obtained in the first quarter of 2018. The company announced a substantial increase in the popularity — and sales — of its XRP token:
“Additionally [to the direct sales of 167.7 Million USD handled by them], the company sold $151.1 million worth of XRP programmatically, as a small percentage of overall exchange volume. These sales represented 0.095 percent (9.5 basis points) of the $160.0 billion traded globally in XRP in Q1. Significantly larger volumes of XRP were traded in Q1, particularly during the first half of the quarter, resulting in a notional increase in programmatic sales by Ripple.”
David Schwartz, Ripple’s chief cryptographer, explained a few months ago what programmatic sales are and what do they mean for Ripple Inc: “This is done by third parties that Ripple employs to use agreed algorithms to execute sales, usually by market making that is biased in favor of a net sale. Ripple does not have direct control over these sales and cannot adjust their timing on a short-term basis.”
They also mentioned that XRP’s trading volume increased considerably to unprecedented historical levels. An achievement for the team that has made a strong effort in the promotion and international acceptance of their product.
It is important to note that despite the decline in XRP’s price, the abundance of available tokens gives the currency certain stability as it allows for a substantial increase in market cap. Additionally, the company sold $151.1 million worth of XRP programmatically, as a small percentage of overall exchange volume. These sales represented 0.095 percent (9.5 basis points) of the $160.0 billion traded globally in XRP in Q1. Significantly larger volumes of XRP were sold in Q1, particularly during the first half of the quarter, resulting in a notional increase in programmatic sales by Ripple.
They also stated that the increase in sales volume is also attributable to their listing on several leading exchanges and cryptomarkets such as Abra and Uphold. Another aspect that boosted sales volume and confidence in the currency the broad Ripple coverage by “headlines across the digital asset market (…) ranged from specific xRapid customer announcements to regulatory developments around the globe”.
More Strategic Alliances Add to the Ripple Success List
Another reason for the increase not only in the value of the XRP but also in the perception of the company’s strength has been the partnerships they achieved. In addition to successful agreements with financial giants such as SAMA, Western Union, and MoneyGram, Ripple announced five new business partners: FairFX (UK); RationalFX (UK), Exchange4Free (UK), UniPay (Georgia) and Money Match (Malaysia).
These five new clients will benefit from the xVia platform to process their financial transactions.
According to its official website, “xVia is for corporates, payment providers and banks who want to send payments across various networks using a standard interface. xVia’s simple API requires no software installation and enables users to seamlessly send payments globally with transparency into the payment status and with rich information, like invoices, attached.”
In the same context, it seems that the last details are being finalized to fulfill the announcement made by Santander during 2015 to use the Ripple platform to process financial transactions. This information was confirmed in an “Ask Me Anything” conducted by Corey Johnson, Ripple’s Chief Marketing Officer who made it possible to conclude how the company handles the information that Santander would soon use xCurrent and xRapid. Until now, the only service confirmed by Santander was xCurrent for its One Pay FX app. It may be a mistake, or it may have been an involuntary leak since most likely having both the hierarchy they have, the most normal thing is that there was some clarification or correction, which never happened.
Also, Ripple success continues as Koinex has just listed Ripple on their mobile and web platforms, allowing crypto-to-crypto trading at zero cost. The announcement was made on the official Medium of the exchange, ran by Rahul Raj, its Co-Founder and CEO:
“Our platform is built with the agility and technical brilliance to adapt to any requirement and while we were deliberating on the possible new offerings on Koinex, many of our traders expressed interest for a crypto-to-crypto trading corridor. We agreed with our trading community on this, as it looked like the best possible step in the given situation and we expedited the platform integration. Today we are set to offer you our entire crypto-pair bouquet for seamless trading, and many more such surprises are in the pipeline, to enthral our users.”
Ripple Success to Lead to a Possible Mid-Term Bullish Run
One thing worth noting beyond the fundamental analysis is the optimism in the community of traders who rely on technical analysis. The indicators seem to point to the possibility of an upward trend in the medium term despite corrections in shorter periods of time.
It is also advisable to analyze the price behavior in non-time based charts such as Renko graphs. Ripple already broke an important resistance in both (Candle and Renko) charts, making it possible to have an optimistic outlook despite the corrections that can be seen in a short time (candles representing less than one-day spans).
Ripple’s behavior as presented on a Renko Graph
Ripple’s behavior as presented on a Candle Graph
Featured Image: twitter