Payments startup Ripple reported a sharp decline in sales of its coin in the second quarter compared to the first three months of the year.

The 2018 Q2 Markets Report for his coin, released on Tuesday, explains that the company sold $73.53 million of his coin, up from $167.7 million in the previous quarter, representing a 56.15 percent decline. Similarly, the overall market volume also declined in the second quarter, especially compared to the fourth quarter of 2017 and the first quarter of 2018.

However, with a total of $73 million, direct sales of XRP II, a subsidiary of Ripple, rose to $16.87 million from $16.6 million in the first quarter. Meanwhile, program sales of his coin fell from $151.10M to $56.66M (a 62.5% decrease), and only accounted for roughly 0.125% of his coin’s global supply.

Ripple still considers this period to be “the best quarter in the second quarter”, at least in terms of the number of registered customers. He adds that the price decline over this period is largely in line with the overall bear market.

“The decline in both volume and price has been consistent for most digital assets as many have moved in a highly correlated fashion,” the report says, adding:

“Test correlation suggests that the market is still in its infancy. Traders have yet to differentiate between the intrinsic value of the most prominent digital assets. see more separation. Ripple is also addressing its coin tokens it holds in escrow, saying 3 billion was issued but 2.7 billion was returned to escrow during the quarter.

The company said that the fact that Ripple’s successful quarter, coupled with the decline in the price of its coin, “highlights its coin’s independence from Ripple.”