Despite the ongoing legal battle with the Securities Exchange Commission, Ripple reported a 97% increase in sales of XRP for Q1
Despite the ongoing legal battle with the Securities Exchange Commission, Ripple has reported that XRP sales in Q1 increased 97%.
Distributed ledger tech provider Ripple increased its XRP sales by 97 percent in the first quarter of 2021
Distributed ledger tech provider Ripple increased its XRP sales by 97 percent in the first quarter of 2021
Ripple posted its Q1 markets report on May 6th and revealed that total sales net of purchases had gone from $76.27 million in Q4 2020, to $150.34 million in Q1 this year.
Ripple noted the surge in sales was led by the growing demand for RippleNet’s working capital service On-Demand Liquidity or ODL:
“The increase in XRP sales can be attributed to deeper engagement from key ODL customers. For well over a year, Ripple has not sold programmatically.”
It attributes the increase to “deeper engagement” with customers who use its XRP-powered On-Demand Liquidity (ODL) product for cross-border payments:
“Ripple continued to engage in sales to support ODL and key infrastructure partners as part of providing increased XRP liquidity to improve the ODL experience of certain customers, eliminating the need for pre-funding and enabling instant global payments.”
According to CryptoCompare, Ripple’s total sales represent only 0.07% of the global XRP volume.
According to Ripple, ODL allows RippleNet clients to generate instant sources of liquidity in XRP that can be converted to international currencies within three seconds, eliminating the need to keep accounts pre-funded for international payments. . The company also reported that during the quarter, three billion XRP was released from its massive margin holdings – however, 2.7 billion XRP was returned to new margin contracts.
Some have argued that XRP’s recent resurgence is partly due to the Ripple lab acquiring a 40% stake in cross-border payments company Tranglo, which was acquired to expand ODL services to Southeast Asia. . Additionally, wallets containing between 1 million and 10 million XRP grew 6.3 percent, up from 1,125 in Q4 to 1,196 in Q1.
The SEC case alleging Ripple Labs of selling unregistered securities worth $ 1.3 billion, does not appear to be preventing big players from increasing their holdings. The report revealed that the number of XRP whales had increased 3.5% in Q1. The firm posted data via Santiment, which showed “whale wallets ” holding 10 million XRP or more increased from 308 in Q4 2020, to 319 in Q1 2021.
According to data from CoinGecko, the price of XRP has increased by 648% in the past 12 months. XRP’s huge profits are due to the bullish trend in the crypto market as a whole, rather than the French winning set. The company’s recent complaint in defending the SEC case. Over the past 24 hours, more than $ 14 billion of XRP has been changed hands and is currently for $ 1.59, with a market cap of $ 73 billion.
You can see the XRP price here.
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