Ripple reports double the XRP sales in Q1 2021
The fifth largest cryptocurrency, Ripple sees its total sales of XRP were $150.34 million, 97% higher than the $76.27 million reported for Q4, 2020.
The company stated that the increase in sales figures was led by the growing demand for RippleNet’s On-Demand Liquidity or ODL service.
Ripple disclosed that to meet the growing demand for ODL, it agreed to acquire 40% of Asia’s leading cross-border payments specialist, Tranglo. The partnership will help Ripple expand the reach of its services to the Asia Pacific region.
Total XRP volume for Q1 also eclipsed the previous quarter by 37.7% with $204 billion for the period compared to $148 billion in XRP volume for Q4, 2020. The figures were compiled using CryptoCompare TopTier (CCTT) volumes.
On the subject of escrow, it stated that 3 billion XRP were released in line with prior quarters, and the official escrow arrangement. 2.7 billion XRP were returned and subsequently put into new escrow contracts throughout the quarter, it added
According to the data from CoinGecko, there are 46 billion XRP tokens circulating from the maximum supply of 100 billion so the company still controls around 54% of the supply.
The report stated that Q1 has been a period of XRP accumulation with the number of whale accounts holding between 1 and 10 million tokens increasing 6.3%. This has been reflected in XRP token prices resulting in gains of 154% over the three-month period.
Ripple prices were boosted in April as the company got the clear view from its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).