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Despite its ongoing court showdown with the U.S. Securities and Exchange Commission (SEC), Ripple has seen a very solid and productive first quarter so far this year.
According to its earnings report for the first three months of the year, Ripple has recorded a 97% increase in XRP sales, from $76.27 million in the last quarter of 2020 to $150.34 million. The rally is mainly because of the increased demand for RippleNet’s On-demand Liquidity Services that utilize XRP for cross-border payments.
An official statement from Ripple cited by BlockchainNews said, “The increase in XRP sales can be attributed to deeper engagement from key ODL customers. For well over a year, Ripple has not sold programmatically.”
Securing more clients
The magic of the On-Demand Liquidity of Ripple works like this: It enables users to interoperate currencies using the XRP crypto, which means different currencies can be interchanged in a matter of seconds.
Meanwhile, there is also an increase in the number of “whales” that hold at least 10 million XRP in the first quarter of the year, from 308 to 319. Moreover, digital wallets that hold between 1 and 10 million XRP also increased from 1,125 to 1,196.
If this is any indication, it only shows that despite the struggles experienced by Ripple after being sued by the U.S. SEC, it has managed to rise and even secure new clients.
Dominant once again
While the battle in court continues for Ripple Labs, it has secured significant legal victories, which are thought to be instrumental in XRP’s recapturing of its dominance in the crypto world.
According to CoinGecko, for the past 12 months, the price of the cryptocurrency has increased by 648%, even with the setback caused by the lawsuit.
Meanwhile, XRP is currently trading at $1.60, which is miles away from the $0.20 trading price it has experienced in December 2020 after being slapped with charges by the SEC.
Image courtesy of Cointelegraph News/YouTube
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