Ripples report confirms that it sold less XRP in Q3 as ODL demand surged.
In its “Q3 XRP Markets Report,” shared today, Ripple reveals that it sold about $100 million less XRP than it did in Q2 while purchasing more XRP simultaneously. As per the figures, Ripple’s net XRP sales in Q3 amounted to only $310 million, compared to over $408 million in Q2. Meanwhile, total purchases in Q2 rose to about $2.5 billion in Q3, compared to $1.7 billion in Q2.
It is worth noting that Ripple’s XRP sales of XRP are only related to its On-Demand Liquidity (ODL) service. The new details come as the service saw increased demand in the quarter, expanding to Brazil and establishing a significant Latin American presence.
It is worth noting that the service is also establishing an increased presence in Europe, expanding to Sweden and France. Notably, the service offered by Ripple’s decentralized payment service RippleNet allows institutions to carry out efficient and almost instant international payments using XRP as a bridge currency.
According to Ripple, “it has been a buyer of XRP in the secondary market and expects to continue to undertake purchases as ODL gains global momentum.”
Ripple Escrow released one billion XRP monthly, totaling three billion in the third quarter. Out of these 3B XRP released, Ripple, locked 2.1 billion XRP back to new escrow contracts.
As reported earlier today by The Crypto Basic, in its report, Ripple also disclosed that, for the first time, it held less than 50% of the XRP supply. Notably, Ripple’s Brad Garlinghouse highlighting the achievement, asserted that it was a clear sign of utility as more customers use XRP in payments.
It bears mentioning that two firms using Ripple’s ODL service had filed amicus briefs in support of Ripple in its legal battle with the US Securities and Exchange Commission. Notably, the SEC’s attorneys had asserted that XRP had no utility aside from speculation to paint the token as a security, as its case claims.
However, both I-Remit and TapJets, in their amicus briefs, highlighted that the SEC had conveniently ignored XRP’s usefulness in payments. Specifically, as per the I-Remit’s brief, the SEC had downplayed the importance of the ODL service and, by so doing, ignored a vast customer base despite its commitment to protecting the consumer.