07 May 2021 Josphat Kariuki
Ripple Reports 97% Higher Sales In Q1, 2021 Than Previous Quarter
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 Ripple’s 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.
Ripple’s ODL demand pushed the company to acquire 40% of Asia’s leading cross-border payments specialist, Tranglo. Meanwhile, Ripple is rumored to be planning an IPO, much like Coinbase’s 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 CryptoCompare’s TopTier volume indicator.
“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,” the report concluded.
However, Ripple’s plans may be delayed, as Ripple’s 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 SEC’s staff internal correspondence.
“The SEC need not produce informal intra-agency communications, such as emails, and such communications need not be searched or logged,” the ruling states, adding that “there is no basis to believe that SEC employees used personal email accounts or devices to express agency interpretations or views on Bitcoin, Ethereum, or XRP to the market. “
Meanwhile, the price per XRP token is hovering around $1.60, which is slightly lower than Ripple’s weekly high of $1.76, reached on May 6, 2021. However, most of the XRP price gains were made in April, where Ripple reached a yearly high of $1.96 just 15 days from April 1’s price point of $0.57 per token.
SEC Ripple XRP SEC Security and Exchange Commission Ripple Price
