Unit Value and Return Rate
Value of XMM unit, measured in different currency:
| (exchange rates) ^ | |||||
| XMM /XRP | XMM /USD * | XMM /BTC * | USD/XRP | BTC/XRP | |
| 28/02/14 | 1.000 | 0.01420 | 0.00002481 | 70.44 | 40300 |
| 31/03/14 | 1.426 | 0.01306 | 0.00002755 | 109.14 | 51761 |
* Calculated based on the exchange-rates listed on the right columns.
^ exchange-rates are vwap of IOU.Bitstamp on the last day of each month (source: ripplecharts.com).
Return rate, measured in different currencies:
| XRP | USD | BTC | |
| March-2014 | 42.6% | -8.0% | 11.0% |
Review and Comment:
The value of XMM unit was falling from 1.00 to 0.95xrp in early March, then gradually increase to ~1.20xrp, and dramatically shoot up to 1.42xrp during the last few days of the month as a result of falling XRP prices.
Its price measured in USD, however, experience a fall of 8% during the month, while measuring in BTC will give a result of +11.0%. The average of this three figures was +15%, which is above our internal target (10% per month).
As the mission of the Fund is to inject liquidity into market, we hope that XMM holders won't care too much about this short-term roller-coaster price movement. Your Fund will always be holding a basket of mix IOUs, without personal judgement or prediction regarding the direction of currency exchange rates.
Market Making Activities
There are three trading accounts for XMM.
The first was allocated for BTC/XRP markets. In early weeks of March we were mainly trading BTC.Bitstamp, with smaller amount for Justcoin and The Rock Trading. Then when the bitcoin-bridge of Bitstamp gone down and replaced by btc2ripple, now we are also making market for BTC.btc2ripple.
The second account was for fiats-IOU. Currently we are providing liquidity for USD/XRP and CNY/XRP pairs, focusing on IOUs from Bitstamps, SnapSwap, RippleChina and RippleCN. We also quoted on USD/USD, CNY/CNY and USD/CNY pairs, helping to bridge those fragmented market together.
The third account is for testing purpose. Only small amount of fund was allocated here. Currently its was used for some experimental trading on IOUs from a 'Frictionless VirtualGateway'. More info about this gateway: https://xrptalk.org/topic/1859-introduce-virtual-frictionless-gateway-for-trading-bitstamp-ious/
Units and Holders Analysis
| Unit in Circulation | |
| 28/02/14 | 111,042 |
| 31/03/14 | 167,198 |
About 56k new units was issued during the month. Number of holders was 50 at the end of month, a slight increase compared to last month.
| Number of holders | |
| < 10 unit | 5 |
| [ 10 – 100 ) | 5 |
| [ 100 – 1000 ) | 18 |
| [ 1k – 10k ) | 14 |
| > 10k unit | 8 |
| TOTAL | 50 |
Buy-Back and New Issue Price.
Since the beginning of the month, the Buy-back and New Issue prices were quoted with a spread of ~5% around XMM underlying value.
Due to the increase in market volatility recently, the spread of orders by Hotwallet had been gradually widen to ~7%. However, we can see some bid & ask offers start showing up on the orderbook, filling the gap in between. As a result, now you can buy/sell XMM units with smaller spread and higher volume.
To get immediate updates regarding the offer prices from Hotwallet, follow @ripplexmm on twitter.
Others
XMM listed on CoinCompass: http://www.coincompass.com/coins
XMM price on RippleCharts:
http://www.ripplecharts.com/#/markets/XMM:rExAPEZvbkZqYPuNcZ7XEBLENEshsWDQc8/XRP
