Ripple (XRP) is unarguably one of the stable currencies in the cryptocurrency market, but due to the fluctuation in the price of Bitcoin (BTC), and the uncertainties created by the situation in South Korea in January 2018, instability in the market increased and the market value of altcoins were affected.
On the 25th of April 2018, the Ripple (XRP) published a report on the Q1 of 2018, according to their report, XRP worth $16.6 million was directly purchased by market participants, while XRP worth $151.1 million programmatically as a small advantage of their overall exchange value. Almost 3 billion XRP was realized from an escrow account, of which 2.7 was reserved and 300 million was used in various ways to reorganize its network. Ripple (XRP) team commended the likes of MoneyGram (NASDAQ:MGI), Western Union (NYSE:WU), Mecuryfx, IDT and Cambridge Global Payment for lowering liquidity and increasing the speed of transaction in effective ways, using XRP.
The total market capitalization of digital asset stood at $603.7 billion at the beginning of 2018, climbed to $835.5 billion in January and declined to $263.5 at the end of Q1, a total of 56.3% decline over the course of Q1. This was mainly caused by the removal of South Korean exchanges from the index price in January.
How XRP can be salvaged in Q2
In other to achieve a widespread of XRP, Ripple must develop partnerships with popular channels, such as Uber, where users can pay bills with XRP and these payments will be linked to their XRP wallet.
Regarding Bittrex’s plan to implement USD trading pairs for major currencies, all Ripple (XRP) needs to do is to adopt a one-click purchase system to enable buyers to easily purchase XRP.
Conclusively, Ripple (XRP) can reduce the decline of XRP market capitalization throughout the Q2 of 2018, if they make some lucrative partnerships with companies that can increase the efficiency of their system.
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