Friday, September 24, 2021
Home Crypto News Analysis Ripple Recent Q1 2021 Reports Shows Increase In Demand For XRP

Ripple Recent Q1 2021 Reports Shows Increase In Demand For XRP

- Advertisement -

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.

Read: Ripple Acquire Malaysia-based Tranglo To Expand RippleNet to South East 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.

- Advertisement -
Albert Brownhttps://thecryptobasic.com/
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Twitter rolls out tips feature globally and adds bitcoin tipping via Lightning

After rumors swirled earlier this month, social media platform Twitter has officially rolled out its tips function worldwide — with a bitcoin integration included...

Biden Plans To Nominate A Major Critic Of Cryptocurrencies As A Top Wall Street Regulator

President Joe Biden may nominate a law professor famous for criticizing the cryptocurrency industry and cheering for the increased role of government in the banking and financial...

Bitcoin.Org Hacked By Scammers For Promoting Bitcoin Giveaways

Bitcoin.org, the first bitcoin educational website that was created in 2008, is believed to be in danger of being hacked for promoting untrue bitcoin...

Crypto Market Recovery In Process As China Injects $18.6 Billion to Bail Out Evergrande

Chinese real property giant Evergrande has defaulted on its debt payment, and fear of company’s payment default has resulted in an unintentional drop in...

Robinhood Bringing Long-Awaited Cryptocurrency Wallet And Transfer Features

Robinhood announced on Wednesday that it has implemented their long-awaited cryptocurrency wallet as well as transfer capabilities to enable customers to transfer and receive...

Here Is First Indication of Appearing Selling Pressure From Large Bitcoin Holders

According to data provided by OkLink, the number of large transactions rapidly spiked during the recent sell-off, which may be the first indication of appearing selling pressure from...

Is Crypto Investing legal in India? Here’s everything you need to know

Investments in cryptocurrency have gained a lot of momentum recently. At the beginning of the second quarter of FY’21-22, there were approximately 15 million...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.