Ripple Reports Massive XRP Sales for Q1, as ODL Demand Soars

Ripple Reports Massive XRP Sales for Q1, as ODL Demand Soars

For its Q1 report for 2021, Ripple (XRP) has announced that it grossed a total of $150.34 million in XRP sales, a 97% increase from its Q4 2020 report of $76.27 million.

The company noted that the sales boom was triggered by the growing demand for RippleNet’s On-Demand Liquidity or ODL service.

The company noted that:

“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.”

“Q1 2021 was phenomenally strong for crypto, with the overall market cap ballooning to nearly $2T for the first time.”

Ripple, which is expected to IPO soon, revealed that to meet the growing demand for ODL, it has acquired a 40% stake in one of Asia’s top cross-border payments platforms, Tranglo. According to the announcement, this partnership should help the cryptocurrency company expand its reach to the Asia Pacific region.

XRP Trading Volume Grew by 37% in Q1 2021
Ripple also stated in its report that the total XRP volume for Q1 2021 was 37.7% higher than the previous quarter with $204 billion from $148 billion in Q4 2020. According to the company, these figures were compiled with the use of CryptoCompare TopTier (CCTT) volumes. Ripple stated that:

“CCTT’s reported daily volume for XRP increased significantly in Q1 2021 from Q4 2020. The average daily volume reported was $2.26B in Q1 vs. $1.61B in the previous quarter. Notably, XRP volumes posted four of the highest volume days ever recorded.”

Meanwhile, the company revealed that 3 billion XRP tokens got released from its escrow, in line with previous quarters and the official escrow arrangement. Ripple added that 2.7 billion XRP tokens got returned and put into new escrow accounts afterward.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.