Ripple Reports ‘Phenomenally Strong’ First Quarter, Doubles Its XRP Sales
As Ripple has stated, the surge in sales resulted from the increase in its On-Demand Liquidity (ODL) customers. Besides, it expanded XRP integration within several platforms.
The first three months of 2021 turned out to be highly fortunate for Ripple, the company behind XRP. In the report released on Thursday, Ripple revealed it increased its XRP sales by 97% in the first quarter of 2021, it reached $150.34 million. In comparison, in Q4 2020, this figure was $76.27 million.
Q1 2021 was phenomenally strong for crypto, with the overall market cap ballooning to nearly $2T for the first time.
Check out the latest markets report for insights on the overall market, XRP Ledger development and more. https://t.co/PcgS9DJKWZ
— Ripple (@Ripple) May 6, 2021
As Ripple has stated, the surge in sales resulted from the increase in its On-Demand Liquidity (ODL) customers:
“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.”
Further, Ripple reported a surge in the total XRP volume for the first quarter. In particular, it rose by 37.7% from the previous quarter to $204 billion. In contrast, the volume of XRP in Q4 2020 was $148 billion.
The company has also commented on the escrow. In the first quarter, three billion XRP were released out of escrow (one billion each month), but 2.7 billion XRP were returned and subsequently put into new escrow contracts throughout the quarter. Currently, there are 46 billion XRP tokens in circulation out of a maximum supply of 100 billion. The company still maintains control of around 54% of the supply.
Notably, Ripple reported an increasing interest in XRP accumulation from so-called whales. The number of “whale” wallets with balances of at least 10 million XRP has soared from 308 to 319. In addition, the number of wallets holding between 1 million and 10 million XRP increased from 1,125 to 1,196.
In 2021 so far, XRP price has gained 154%. Its current price makes up $1.57, it is 4.47% down. XRP market cap is $71.3 billion.
Broader XRP Integration
In the first and the early second quarter of this year, Ripple expanded XRP integration within several platforms. Specifically, platforms like Bitrue, KuCoin, Independent Reserve, the Multibank group, and Lykke added support for XRP trading pairs. Besides, last month, Ripple partnered with Wanchain, the provider of a blockchain-based interoperability solution. Within the deal, XRP users got complete access to experience a taste of the DeFi application through Wanchain and other blockchains.
Ripple also got support from the European asset manager CoinShares that launched an XRP exchange-traded product on the primary Swiss Stock Exchange SIX.
Recently, Ripple was fighting the legal battle with the US Securities and Exchange Commission (SEC) over issuing unregistered securities. SEC accused the company and its executives of obtaining $1.3 billion through unregistered securities. Despite the battle, Ripple revealed its plans to go public as well as further expand its global market presence.
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