Ripple Reports 97% Higher Sales In Q1, 2021 Than Previous Quarter

Saturday 08 May 2021, 12:48 AM AEST - 1 month ago

Meanwhile, The Court Prohibited Ripple From Searching SEC Staffs Personal Devices

Ripple, the fifth-largest cryptocurrency to date, seems to be on an upwards trajectory both in terms of price and market capitalization in the first quarter of 2021, as per a report of Ripple LLC. – the company behind the crypto project.

Indeed, Ripple reported that the total sales of XRP were $150.34 million, as opposed to the $76.27 million reported for Q4, 2020, which is a 97% increase. The company noted that the increase is primarily due to the increased demand for Ripples On-Demand Liquidity (ODL) service.

Ripple continued to engage in sales to support ODL and key infrastructure partners as part of providing increased XRP liquidity to improve the ODL experience of certain customers, eliminating the need for pre-funding and enabling instant global payments, Ripple reported.

However, the company revealed that the gains come amid a phenomenally strong Q1 of 2021 for the crypto sector, as it surpassed the milestone overall market capitalization of $2 trillion.

Ripples ODL demand pushed the company to acquire 40% of Asias leading cross-border payments specialist, Tranglo. Meanwhile, Ripple is rumored to be planning an IPO, much like Coinbases plans.

The total XRP trading volume for Q1 also surpasses the previous quarter by 37.7% with $204 billion for Q1, compared to $148 billion in trading volumes for Q4, 2020, as per data from CryptoCompares TopTier volume indicator.

CCTTs reported daily volume for XRP increased significantly in Q1 2021 from Q4 2020. The average daily volume reported was $2.26B in Q1 vs. $1.61B in the previous quarter. Notably, XRP volumes posted four of the highest volume days ever recorded, the report concluded.

However, Ripples plans may be delayed, as Ripples CEO, Brad Garlinghouse plans to push Ripple into a public sale after the end of the ongoing lawsuit between the fintech company and the U.S. Securities and Exchange Commission (SEC). The saga took a turn towards the SEC as United States Southern District of New York Judge Sarah Netburn has confirmed her earlier ruling, prohibiting Ripple from receiving SECs staff internal correspondence.

The SEC need not produce informal intra-agency communications, such a ...

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