XRP bounces back as Ripple reports strong institutional sales

XRP bounces back as Ripple reports strong institutional sales

The XRP price has managed to rebound from a one-week low that happened during a nervous trading session on Wednesday.

The third-largest digital currency on the market experienced some negative action following its drop below $0.31 on Tuesday. The digital currency tumbled to a one-week low of $0.305 during the opening hours of the Wednesday session and spent the rest of the morning into negative territory. However, the coin’s performance improved significantly in the afternoon, benefiting from a price uptick observe across the wider digital currency market. While XRP had to overcome another price drop towards the end of the session, it finished the day at $0.315. This was well above the coin’s opening level of $0.309.

XRP continued to advance in today’s early trading, when managed to break above the $0.32 barrier. The coin rose to as high as $0.321 during that push, but it wasn’t able to defend its gains. In more recent trading the token has pulled back towards the level of its Wednesday close.

In other XRP-related news, Ripple, the San Francisco-based firm that developed the token, announced yesterday that it had sold $251.5 million worth of XRP during the second quarter of this year. Interestingly, the company saw a big increase in direct institutional sales, selling $106.87 million to institutions, compared to $61.93 million in the preceding quarter. The remaining $144.67 XRP were sold programmatically.

Among the highlights in the most recent quarter was also Ripple’s decision to make CryptoCompare its primary benchmark for XRP market volume going forward to address concerns that any exchanges are reporting inflated trading volumes to the most popular digital currency tracker, Coinmarketcap. This is because Ripple wats its programmatic sales to be only a tiny fraction of XRP’s quarterly market volume.

In today’s trading, the XRP price stood at $0.317, as of 16:15 BST. The digital currency has gained 1.3% in the past 24 hours. Its total market cap currently stands at $13.6 billion.

Featured image: Stanslavs /Shutterstock.com

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.