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.
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