Ripple sold tens of millions of dollars worth of XRP in the fourth quarter of 2020 amid the U.S. Securities and Exchange Commission’s (SEC) allegations that the payments firm engaged in unregistered securities offerings.
In its latest crypto market report released on Friday, the San Francisco-based startup reveals that it sold a net of $76.27 million worth of XRP in Q4 of 2020 or more than double its net XRP sales of $35.84 in Q3.
“Total sales by Ripple, net of purchases, ended the quarter at 5 bps or 0.05% of global XRP volume according to CryptoCompare TopTier (CCTT) volumes. This is compared to total sales in the previous quarter of 10 bps of CCTT.”
Ripple says it focused on over-the-counter (OTC) sales and leases to provide increased liquidity to its ODL customers. The company use to also sell XRP programmatically, but it has suspended sales on crypto exchanges for more than a year.
Ripple claims that the SEC’s complaint caused a devastating impact on the XRP market, resulting in a loss of at least $15 billion of the token’s value in the open market. Still, the firm says close to 90% of XRP volumes are still intact.
“Many market participants moved forward with business related to XRP outside the U.S. This further underscores the fact that the U.S. is out of step with its international counterparts.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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