Ripple: Profit from the sale of XRP in the second quarter halved
Cryptocurrency startup Ripple reported a sharp drop in profits from the sale of XRP in the second quarter compared to the first three months of this year.
In a quarterly report released this Tuesday, Ripple writes that it managed to sell XRP for $ 75.53 million, while in the previous quarter this figure was equal to $ 167.7 million – a drop of 54.96%.
Direct sales of the XRP II division, also taken into account when calculating this figure, were $ 16.87 million versus $ 16.6 million in the first quarter. XRP Programmable Sales, i.e. sales made by third-party services, were $ 56.66 million, down 62.5% from the previous period, when they accounted for $ 151.1 million.
Despite these numbers, Ripple calls the second quarter “the best in its history,” at least in terms of new customers. The decline in profits was largely due to the fall in the broad cryptocurrency market, the company notes..
“The decline in volume and prices has been seen across most digital assets as many of them show associated movements,” the report says. “This correlation is evidence that the market is still in its early stages of development. Traders have not yet figured out the intrinsic value of the most famous digital assets. As the industry matures and determines which assets are most useful and valuable, we should expect more divergence. “.
Ripple also touched upon the issue of its escrow store and said that it withdrew 3 billion XRP from it in the last quarter, but 2.7 billion XRP were returned..
The company notes that the successful quarter amid a decline in the cryptocurrency rate “underlines the independence of XRP from Ripple”.
Recently, Ripple has been actively distinguishing between its core business and the XRP cryptocurrency it developed. Last month, CEO Brad Garlinghouse stated that the XRP blockchain exists independently of Ripple. Several class action lawsuits have been filed against the startup in the past, claiming XRP is an unregistered security.
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