Ripple Labs Inc. announced that they have sold $163 million worth of XRP in the third quarter of 2018, bringing their total sale to $400 million for the year. Most of its current value however, comes from being the major holder of XRP, a digital currency that was unknown about a year ago, but now has a market value of about $130 billion now.
In the third quarter of 2018, Ripple programmatically made sales of $65.27 million worth of XRP. Additionally, XRP II, a Ripple subsidiary in institutional or Over The Counter (OTC) sales sold $98.06 million worth of XRP, Totalling $163.33 million worth of XRP in the third quarter of the year.
Over the Counter (OTC) sales skyrocketed in the third quarter of the year as compared to previous period in the year. In the first quarter, $16 million worth of XRP was sold Over The Counter, while $150 million was sold programmatically or in exchanges. In the second quarter, $16 million was sold Over The Counter and $57 million on exchanges. Totalling $130 million worth of XRP in Over The Counter sales and $270 million worth on exchanges.
Ripple Lab stated that they have access to 5 billion XRP which is estimated to be $2.25 billion. They also have another 55 billion XRP estimated at $25 billion locked up in an escrow. About 60 billion of the 100 billion XRP created, is owned and controlled by Ripple. This gives it an estimated market value of $80 billion based on its holdings alone. This is more than the XRP’s current circulating market cap.
Much of this funds will be spent on coding, management, office space amongst others, with Ripple Labs now one of the richest company in the world.
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