The company behind XRP token Ripple has announced a drop in the sale of its digital currency in the fourth quarter of 2019. The company attributed this to its new approach to quarterly sales which aims to adopt a more conservative approach to distribution.
According to data made available by Ripple’s XRP Market Reports, the company sold just $13 million worth of its token in the last quarter of last year. This is a far cry from the previous quarter in which it sold $66.24 million in XRP tokens. This represents an 80 percent drop in the volume of the token sold in the last quarter.
Speaking on the market data, the company stated that it has suspended its programmatic sales of XRP which had contributed to more than $16 million in Q3 sales. Another factor reported as responsible is 74 percent over the counter (OTC) drop in sales.
The report said that the Ripple OTC sales have focused on the provision of liquidity for its strategic partners in Asia, Africa, Middle East and Europe. The company which sold $251 million in XRP tokens in Q3 announced last year that it would adopt a more conservative policy in the sales to avoid misreporting in sales data in the coin market.
The company stated that its on-demand liquidity (ODL) which plays a key role in its international remittance service has continued to grow in popularity among its clients. In the same period of the last two quarters of 2019, there was a 650 percent increase in the demand for the company’s cross-border payment service.
Ripple has been one of the most successful blockchain firms with its remittance service popular with banks and other financial service providers in Asia and Middle East. It currently holds $48.9 billion worth of XRP in its escrow accounts.