Ripple Sold $336M Worth of XRP Tokens in Q1, Reports Strong XRPL Growth

The firm has continued to sell XRP only in connection with its international transaction product.

AccessTimeIconApr 28, 2023 at 12:30 p.m. UTC
Updated Apr 28, 2023 at 6:55 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Blockchain company Ripple sold more than $361 million worth of XRP tokens in the first three months of the year, up from $226.31 million in the previous quarter, it said in its latest XRP Markets Report.

The company builds global payment products and has developed the XRP payment system, which it describes as decentralized. While Ripple and XRP are separate entities, Ripple uses XRP and XRP's public blockchain to power its products.

The sales were in connection with Ripple’s on-demand liquidity product, which helps customers to move money around the world without the need for correspondent banking relationships.

XRP Ledger on-chain activity remained strong, with decentralized exchange volume increasing 34% from the fourth quarter to $115 million.

Ripple said it has sourced XRP from the open market to ensure there is sufficient supply available for the growing on-demand liquidity business. The total sales by Ripple, net of purchases, ended the quarter at 0.44% of global XRP volume.

Edited by Sheldon Reback.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.