On July 24, Ripple confirmed that there was an immense 56% consistent decline in its 2nd-quarter XRP sales. Ripple emphasized that it was still company’s best quarter in terms of customers it has registered. The exact number of customers signed up was not revealed.
Ripple also mentioned that XRP’s price decline of 9% corresponds to Bitcoin’s price drop of 8.2%. In addition, the company said that the token’s volatility fell to 5.7% in the 2nd quarter, which is the lowest since the 4th quarter in 2016.
Nevertheless, Ripple claimed that a lot of factors in the broader cryptocurrency market have caused the whopping drop in XRP’s prices compared to the last two quarters. The total market capitalization of all cryptocurrencies had decreased 57.8% from the beginning of 2018, to as low as $254.7 billion by mid-year, even as the number of ICOs kept growing.
Ripple also stated that a decline in South Korean crypto trading could have caused the drop of prices in the market. Earlier, South Korea was a leader in terms of trading in digital currencies. By the end of the 2nd quarter, the country’s crypto trading drastically decreased. The hacks in prominent crypto exchanges in the country might have been the reason for that.