The sales for XRP have increased to 97% in the first quarter, with Ripple associating the recent success with its ODL service. Keep in mind that Ripple is still in a court dispute with the SEC and still has managed to record this massive growth in the first quarter of the present year. On the 6th of May, Ripple revealed its reports to the public for its first quarter, which revealed the sale have improved since the last quarter of 2020 from $76 million approximately to $150 million in the first quarter of 2021.
According to the firm, the recent spike in sales was the result of increased demand for the firm’s working capital service ODL. Furthermore, Ripple continued participating in deals to help ODL and vital infrastructure accomplices provide improved liquidity of XRP that will make the experience much better for some customers.
CryptoCompare states the combined sales made by Ripple equaled 0.07% of the global XRP volume.
On-Demand Liquidity allows RippleNet users to source immediate liquidity in XRP, which can be transferred into global currencies in 3 seconds. In the process reliving the requirement to maintain pre-funded accounts for payments worldwide. The firm also noted that 3B XRP exchanged from its holding but, 2.7b of them had returned to recent escrow contracts.
The managing partner of Storm Partner and host of the crypto-based podcast, Sheraz Ahmed, has associated the recent spike of XRP with the Ripple purchase of a stake in payment company Tranglo. The purchase would allow Ripple to extend its On-Demand Liquidity service to Southeast Asia. Moreover, digital wallets maintaining between 1M and 10M XRP expanded by 6.3% from Q4 to Q1.
The Security and Exchange Commission case that alleges Ripple of trading $1.3b worth of unregistered securities has not stopped significant players from expanding their assets. A document published states the total digital asset’s whales have grown 3.5%. The data provided by the firm state Wallets maintaining 10 million or more XRP have grown from 308 to 319.
CoinGecko provided data shows XRP price is up by 648% from the last year. John Wagster believes the rise of XRP is not because of the various legal wins against the Securities and Exchange Commission case but because of the ongoing bullish trend in the market.
Over the previous 24 hours, $14b XRP was exchanged, whereas the current price sits at $1.59 and the market capitalization of $73b.