Sales of Ripple’s cryptocurrency, XRP, jumped in the first quarter, boosting its share of the total market.
XRP sales rose to to $167.7 million in the first quarter, gaining 83 percent over the previous quarter and 2,400 percent versus the same period last year, the company said in a quarterly report Wednesday.
The results exceeded company expectations, Coindesk reported, citing a Ripple spokesperson.
XRP’s share of overall market volume rose to 6.9 percent from 5.3 percent in the previous quarter, compared with 5 percent for the previous year. Ripple cited 18 new venues listing XRP in the first quarter, including both U.S.-based Abra and Uphold, bringing the total number of exchanges that list XRP to more than 60.
In the release, Ripple also noted positive developments in the crypto space that bode well for continued growth, including The European Commission’s Fintech Action Plan, which embraces many new technologies, and the U.K. government’s Cryptoassets Task Force. Read more here.