Ripple doubled XRP sales in the first quarter of 2021…that’s why!
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Answer Ripple doubled XRP sales in the first quarter of 2021…that’s why!
Ripple says that in the first three months of 2021, sales of its XRP cryptocurrency totaled $150.34 million, up 97% from $76.27 million in the fourth quarter of 2020.
The company added in its statement that the reason for the increase in sales figures was driven by the increasing demand for on-demand liquidity or “ODL” service from “RippleNet”.
What was stated in the Ripple company’s statement:
Ripple continued to engage in sales to support on-demand liquidity (ODL) as well as support key infrastructure partners as part of providing increased XRP liquidity to improve the ODL experience for some clients, eliminating the need for pre-funding and enabling instant global payments.
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The first quarter of 2021 was exceptionally strong for cryptocurrencies, as the total market cap swelled to nearly $2 trillion for the first time.
Increasing the volume of the Ripple currency:
Ripple, which is rumored to be planning an initial public offering, has said that in order to meet growing demand for ODL, it has agreed to acquire 40% of Asia’s cross-border payments company Tranglo.
She added that the partnership will help Ripple expand its services to the Asia Pacific region.
The report added that the total XRP volume for the first quarter also exceeded the previous quarter by 37.7% with a value of $204 billion for the period compared to $148 billion in XRP volume for the fourth quarter of 2020.
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The numbers were aggregated using CryptoCompare TopTier (CCTT) volumes.
The daily CCTT reported volume for XRP was significantly higher in Q1 2021 than in Q4 2020.
Average daily volume reported was $2.26 billion in the first quarter, compared to $1.61 billion in the previous quarter.
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Notably, XRP volumes hit four record days in terms of the highest volumes ever recorded.
On the subject of escrow, Ripple reported that 3 billion XRP was released in line with the release in previous quarters, and the official escrow fund arrangement.
It added that 2.7 billion XRP was returned, then transferred and put into new escrow contracts over the course of the quarter.
site indicates “GoinGeckoCurrently, there are 46 billion XRP in circulation out of a maximum total of 100 billion XRP, which means that Ripple still controls about 54% of the supply.
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