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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
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.