Ripple: XRP sales soar in Q1
07 May 2021
Ripple unveiled a 97% rise in XRP sales in the first quarter of this year.
Total sales of net purchases had increased from $76.27 million in Q4 2020, to $150.34 million in Q1 this year.
Ripple said the soaring sales were fuelled by heightened demand for RippleNet’s working capital service On-Demand Liquidity (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,” the company stated.
The firm went on to say: “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 statistics by CryptoCompare, total sales by Ripple made up just 0.07% of global XRP volume.
Moreover, the company reported that during the first quarter, three billion XRP had been released from escrow holdings, Cointelegraph reports. Although 2.7 billion XRP had since been returned to new escrow contracts.
Sheraz Ahmed, host of the Crypto Valley Association podcast and managing partner at Storm Partners told Cointelegraph last month: “XRP’s upward momentum is fuelled by Ripple’s newly announced 40% stake in Asia’s leading cross-border payment processor, Tranglo. The partnership will undoubtedly increase Ripple’s exposure to the Asian market.”
Over the last 24 hours, more than $14 billion XRP changed hands and at the time of writing is priced at $1.59, with a market cap of $73 billion.