Ripple Labs reports double the XRP sales in Q1, 2021.

Ripple revealed it has sold almost twice as much of its native XRP token in its latest quarterly report compared to the fourth quarter of 2020.

Blockchain firm Ripple Labs has reported 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 report revealed that the increase in sales figures was led by the growing demand for RippleNet’s On-Demand Liquidity or ODL service. Earlier, XRP had plunged when the US SEC filed a lawsuit against the blockchain firm that is still going on. 

 

Ripple token volumes continue to increase. 

The official announcement read, “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.” The quarterly report further revealed that total XRP volume for Q1 also exceeded the previous quarter by 37.7%, with $204 billion for the period compared to $148 billion in XRP volume Q4, 2020. The daily volume for XRP increased significantly in Q1 2021 from Q4 2020. 

 

The Q1 has been a period of XRP accumulation.

The report stated that Q1 of the current year had been a period of XRP accumulation, with the number of whale accounts holding between 1 and 10 million tokens increasing by 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 is trading down 11% on the day at $1.53, according to CoinGecko. The cross-border exchange token 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 continues to fight the SEC lawsuit in the US. 

 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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