Ripple released its quarterly report that highlighted the growing demand for XRP in the first quarter of 2021. The company’s total XRP sales reached $150.43 million in the first quarter of 2021, an increase of approximately 97.3% from before Q4 2020.
According to the official report, the global volume of XRP increased significantly in the first quarter of this year. Ripple mentioned the role of key on-demand liquidity (ODL) clients in the recent surge in XRP sales.
During the last quarter, Ripple accelerated its global expansion through several partnerships with companies around the world. The blockchain firm has acquired a 40% stake in Tranglo, one of the leading international payment companies in Asia.
During a recent interview with Reuters, Ripple CEO Brad Garlinghouse mentioned that the company is growing in Asia, and XRP (XRPL) liquidity activity in the region has increased significantly.
Ripple official Report writes:
“Last quarter, total XRP sales by Ripple, net of purchases, were $150.34M (USD) vs. $76.27M the previous quarter. 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.”
“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.”
“Total sales by Ripple, net of purchases, ended the quarter at 7 bps or 0.07% of global XRP volume according to CryptoCompare TopTier (CCTT) volumes. This is compared to total sales in the previous quarter of 5 bps according to CCTT.”
In this report, Ripple noted a significant spike in the number of whales. The company noted that the number of wallets holding between 1 million and 10 million XRP increased from 1,125 to 1,196 in the first quarter. According to the company, 319 crypto wallets contain at least 10 million XRP.