Ripple is disclosing that it increased its XRP sales in the fourth quarter of 2021 with demand for RippleNet surging despite the loss of a major partner.
Ripple notes in a new blog post that it sold more than $1 billion worth of XRP last quarter in relation to its cross-border payments platform, On-Demand Liquidity (ODL), which is powered by the crypto asset.
The San Francisco-based company also purchased close to $322 million worth of XRP, bringing net sales to $717 million, a more than 45% increase from the $491.74 million XRP it sold in Q3 of 2021.
Ripple attributes the XRP sales to the “growth and adoption of ODL.”
“Ripple continued to engage in sales to improve the ODL experience of certain customers, eliminating the need for pre-funding at exchanges and enabling instant global payments.”
The company also notes that RippleNet, its institutional payment-providers network, had its “most successful and lucrative year to date.”
“The number of transactions on RippleNet more than doubled, with a payment volume run rate of over $10 [billion]. This is a testament to the product considering Ripple parted ways with MoneyGram, its largest customer, immediately after the SEC filed its lawsuit against Ripple.”
The U.S. Securities and Exchange Commission (SEC) filed a lawsuit in December 2020 alleging that Ripple sold XRP as a security during its launch. The regulator also alleges that the token remains a security to this day.
Read Ripple’s full blog post here.
Check Price ActionDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/MiniStocker/WhiteBarbie
