Ripple has been doing great so far this year, and the company marked various achievements while promoting its products and boosting the XRP ecosystem as well.
Ripple has released its Q2 2019 financial report on Wednesday.
The company sold $251.51 million worth of XRP in Q2, and this translates as an increase of more than $80 million compared to the first quarter of the year.
The Daily Hodl notes that Ripple plans to have a more conservative approach from now on.
They revealed a shift in the direction following massive scrutiny and criticism about the way crypto exchanges report trading volume data.
You may recall that a report from the crypto index and beta fund provider Bitwise revealed not too long ago that “95% of the volume reported on CoinMarketCap is fake,” writes the Daily Hodl.
Ripple plans to change its approach
Ripple said that it plans to use new ways to evaluate the trading volume and intends to take a more conservative approach regarding the selling of its XRP holdings.
“Ripple worked with trusted partners to evaluate new sources of legitimate trading volume,” according to the report.
The notes continue and detail, “After evaluation, Ripple decided CryptoCompare’s Top Tier (CCTT), the exchanges rated ‘AA,’ ‘A,’ and ‘B’ by its Exchange Benchmark, offers a more complete look on the quality, regulatory environment, management, and structure of exchanges that filter out a majority of unverified volumes.”
We recommend that you read the full report.
Brad Garlinghouse addresses Bank of America speculations
Not too long ago it was reported that Ripple’s CEO is surprised that the Bank of America’s patent is using Ripple’s tech.
In a new interview with Bloomberg, Garlinghouse said he could neither “confirm nor kill” speculation regarding the patent.
“We are widely known to be working with a lot of banks around the world and certainly some of the largest banks in the world are already customers of ours today,” he said.