XRP Sales Grew by 97% in the Q1

by in Cryptocurrency News

XRP sales increased

Ripple Lab's native cryptocurrency XRP has seen a 97% sales growth in the first quarter of this year.

Related: SEC threatens lawsuits for XRP token holders

On May 6, Ripple released the company's market report for Q1 which shows that the entire sales net of the token's trades reached $150.34 M compared to the Q4 2020 when it was $76.27 M. XRP's sales boost happens, while the legal proceedings initiated by the US SEC against Ripple continue.

One factor that has its impact is the high demand for Ripple Net's On-Demand Liquidity (ODL) functions, which enable users to link currencies via XRP. That means the option of interchanging various currencies in 3 seconds.

Data provided by crypto market tracker platform Santiment shows that the number of XRP whales has gone up as well. In Q1 2021 the number of whales owning 10.000.000 XRP as a minimum, has reached from 308 to 319.

Currently, XRP trades at around $1.59 ranking fifth by market cap. In March, Ripple disclosed it would purchase 40% of Asia’s major cross-border transfers processing hub, Tranglo.