American financial technology firm Ripple (available on Binance), which is responsible for the development of the cryptocurrency XRP, has declared its fiscal first-quarter results.

The company, which was founded in 2012, is the largest holder of XRP, the third biggest cryptocurrency in the world, and is based in San Francisco, California. It has offices located around the world. The currency XRP, in itself, is decentralized. According to the Q1 2019 results, the company reported major growth in XRP sales, and that is positive news for the broader crypto market, which has been largely subdued this year.

XRP Sales

The sales of the billions of units of XRP held by the company is its biggest source of income, and in the first quarter, Ripple (available on Binance) sold XRP for $169.42 million. However, it is far more important to note that out of those total sales, $61.93 million worth of XRP was bought by institutions and this is a clear indicator that some major players in the financial sector might finally be moving into crypto.

XRP is supposed to be used as a bridge currency for international payments, and so it is not surprising that institutions have bought the cryptocurrency. More importantly, the total sales reflect a rise of as much as 54% in XRP sales from the previous quarter.