Ripple’s XRP Token Sales More than Double in Q3

 

  • Ripple’s XRP token sales reported at $163.33 million in Q3 2018 vs. $73.53 million in Q2 2018.
  • XRP/USD price behavior remains prosperous for the bulls, given the current bull flag formation.

Q3 2018 XRP Markets Report

Ripple, the San Francisco-based blockchain startup, has released its Q3 2018 report. Looking at the XRP token sales, it shows that the revenue has more than doubled. This is in comparison to the listed Q2 2018 performance.

In the Q3 2018, Ripple revealed that it sold $163.33 million worth of XRP. As a result, this is over double the reported $73.53 million it sold in Q2 2018. The sales came via two streams, between Ripple and XRP II, LLC, which is a Ripple subsidiary.

It is interesting how much institutional sales account for the total figures. Recently, Ripple CEO Brad Garlinghouse hinted at a large pick up in institutional sales of XRP. He said “Q3 will definitely be a record of institutional participation in buying and interest in holding XRP,” Garlinghous teased back in August.

Wall Street Adoption

Further within the report, Ripple commented on ‘Wall Street Adoption’. In particular, the firm stated that “Big institutional firms continue moving towards backing crypto trading, but have yet to launch offerings into the market.” They believe that the traditional Wall Street businesses for now continue to wait in the wings.

Technical Review – 4-hour Chart

XRP/USD 4-hour chart

Price action for XRP/USD remains somewhat encouraging, with the formation of a bullish flag being closely eyed. The behavior continues to give off positive signals, despite the generally suppressed cryptocurrency market. On 15th October, the price had surged aggressively over 25 percent higher. This move came after it had already broken out of a descending channel formation and retested that. A technical move of which completely playing out to the textbook. Typically, after such fast and powerful surge, a state of consolidation will kick in, as being observed right now for XRP/USD. Given this, it has formed a bullish flag pattern, and is prosperous for another extended move to the upside.

In terms of near-term noteworthy levels, key support is seen down at $0.4415-00 area, the lower part of the flag. An additional confluence to this, a demand zone is in proximity, tracking within the $0.4400 territory. There appears to be enough comfort for the price, in case of triggered downside pressure. However, the market may need to see this cool to the mentioned support areas, for big buying signals.

Finally, upside targets for the bulls, immediately $0.4700-15 is resistance, the upper part of the mentioned bull flag pattern. Should XRP/USD breakout above that area, expect an instant retest of the big $0.5000 mark. A strong area of supply is seen in proximity to that psychological number. This would need to be tackled for continued moves north. Going by the pole size of the bull flag, which is made up mostly of the 15th October spike, the completion of the pattern could see another 20 percent plus move. Therefore, such a technical development as described, could see the bulls being ever closer to $0.6000 area again in no time.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.