The firm has continued to sell XRP only in connection with its international transaction product.
Blockchain company Ripple sold more than $361 million worth of XRP tokens in the first three months of the year, up from $226.31 million in the previous quarter, it said in its latest XRP Markets Report.
The company builds global payment products and has developed the XRP payment system, which it describes as decentralized. While Ripple and XRP are separate entities, Ripple uses XRP and XRP’s public blockchain to power its products.
The sales were in connection with Ripple’s on-demand liquidity product, which helps customers to move money around the world without the need for correspondent banking relationships.
XRP Ledger on-chain activity remained strong, with decentralized exchange volume increasing 34% from the fourth quarter to $115 million.
Ripple said it has sourced XRP from the open market to ensure there is sufficient supply available for the growing on-demand liquidity business. The total sales by Ripple, net of purchases, ended the quarter at 0.44% of global XRP volume.
Disclaimer: CryptoNewsBook is an online aggregator that fetches latest crypto news from different sources. This article is provided for general information purposes ONLY and contains data fetched from third party sources; hence, we do not endorse its accuracy. For more details, kindly visit The Source. Please report any fake news or false statement to Our Support Team. If you are the original owner of this content and wish it to be removed on this platform, kindly forward your request to Our Support Team.
Also Note: Cryptocurrencies are unregulated, and no part of this article should be understood nor interpreted as a recommendation/advice. #s5