BKCM CEO: Ripple Crypto Community is Missing Out

Brian Kelly, BKCM CEO reported how he believes that investors are missing out on the cryptocurrency Ripple and its potential
04 June 2018   1412

This cryptocurrency is known to be created in order to become a real-time calculation system, remittance network, as well as a currency exchange. The system brings profits to the banks and major payments industries - using the system could help banks to save up to 60 percent on remittances made across the globe. In the interview with  CNBC, the CEO of the investment company declared that the internal payments market’s size amounts to $155 tln. That might mean that to move the massive market, it would demand for $31 bln.

One major merit of utilizing the cryptocurrency is that it assists in saving reconciliation of Nostro accounts, that are foreign currency-dominated accounts safe kept by a bank in a separate country. The practice incurs costs just by merely maintaining these accounts. And, as Kelly expounded, banks can do away with the costs with the help of Ripple ledger and XRP tokens vice of keeping foreign currency in accounts overseas.

XRP prices unfortunately accupied a substantial fall since the start of 2018, unlike some other cryptocurrencies which got significant growth especially this week. Against the lack of the appreciation that it seemingly deserves, Kelly induces the crypto community to utilize both the tokens and the ledger framework so that the token will up in price.

Ripple to Sell $169.42M Worth XRP in Q1 2019

It's 31% more than in Q4 2018, when company was able to sell less than $130M worth XRP
25 April 2019   191

Ripple published a financial report for the first quarter of 2019, indicating that during this period it managed to gain $ 169.42 million from the sale of XRP cryptocurrency. The value increased by 31% compared with the fourth quarter 2018, when XRP was implemented at $ 129.03 million.

Direct institutional sales brought the company $ 61.93 million compared to $ 40.15 million in the previous quarter. The indicator of “programmable sales”, that is, sales carried out with the help of intermediaries, also increased and amounted to $ 107.49 million against $ 88.88 million.

XRP Sales Table, Q4 2018 | Q1 2019
XRP Sales Table, Q4 2018 | Q1 2019

Total XRP trading declined by about 2% to $ 53.85 billion in the first quarter of this year, against $ 54.82 billion in the fourth quarter of the previous year.

For comparison, for the same period last year, Ripple managed to sell XRP for $ 167.7 million, that is, a change in the indicator was about 1%.

In the first quarter, Ripple released 3 billion XRP from its escrow wallets. At the same time, 2.3 billion XRP were returned and entered into new escrow contracts. “The remaining 700 million XRP not returned to escrow are being used in a variety of ways to help support the XRP ecosystem,” explains the company.

In the middle of the month, it became aware of the decision of the Japanese bank Resona to withdraw from the MoneyTap payment project being developed by Ripple.