Ripple Reports Double the XRP Sales For Q1, 2021
Ripple has stated that for the first three months of 2021, its total sales of XRP were $150.34 million, 97% higher than the $76.27 million reported for Q4, 2020.
The company stated that the increase in sales figures was led by the growing demand for RippleNet’s On-Demand Liquidity or 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.”
Q1 2021 was phenomenally strong for crypto, with the overall market cap ballooning to nearly $2T for the first time.
Check out the latest markets report for insights on the overall market, XRP Ledger development and more. https://t.co/PcgS9DJKWZ
— Ripple (@Ripple) May 6, 2021
Ripple Token Volumes Increasing
Ripple, which is rumored to be planning an IPO, stated that in order to meet the growing demand for ODL, it agreed to acquire 40% of Asia’s leading cross-border payments specialist, Tranglo. The partnership will help Ripple expand the reach of its services to the Asia Pacific region, it added.
The report added that total XRP volume for Q1 also eclipsed the previous quarter by 37.7% with $204 billion for the period compared to $148 billion in XRP volume for Q4, 2020. The figures were compiled using CryptoCompare TopTier (CCTT) volumes.
“CCTT’s 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.”
On the subject of escrow, it stated that 3 billion XRP were released in line with prior quarters, and the official escrow arrangement. 2.7 billion XRP were returned and subsequently put into new escrow contracts throughout the quarter, it added.
GoinGecko is currently reporting that there are 46 billion XRP tokens circulating out of a maximum supply of 100 billion so the company still controls around 54% of the supply.
XRP Price Update
The report stated that Q1 has been a period of XRP accumulation with the number of whale accounts holding between 1 and 10 million tokens increasing 6.3%. This has been reflected in XRP token prices which have gained 154% over the three-month period.
At the time of writing, XRP was trading down 11% on the day at $1.53 according to CoinGecko. The cross-border exchange asset is still cooling from its 2021 high of $1.92 on April 14, but it has yet to get anywhere near its ATH of $3.40 in early January 2018.
Ripple prices were boosted in April as the company made some progress in its ongoing battle with the U.S. SEC.