Ripple witnessed a strong all-round growth in the first quarter of this year as stated in its quarterly XRP markets report.
Amid the firm’s ongoing legal battle with the U.S Securities and Exchange Commission, XRP sales doubled in Q1 compared to the previous quarter. The growth was attributed to the rising interest in Ripple’s On-Demand Liquidity (ODL) service.
The net sales of XRP by Ripples is up from $76.27 million in Q4 2020 to $150.34 million in Q1 2021. Per the report, the soaring sale is due “to deeper engagement from key ODL customers.” As a result, the firm acquired 40 percent of Tranglo, an Asian cross border payments firm, to meet the rising demand.
According to data by CryptoComapre TopTier (CCTT), the daily volume for XRP surged in the first quarter of 2021. The value rose from $1.61 billion in the fourth quarter of 2020 to $2.26 billion in the first quarter of 2021.
Furthermore, the volatility of XRP dropped from 9.6% in Q4 2020 to 9.0% by the end of Q1 2021, reveals the report. There was also an increase in the number of whale wallet, rising from 308 to 319.
Ripple XRP Holds Strong Amid Legal Battle
Ripple noted an increase in the number of wallets holding between 1 million and 10 million XRP from 1,125 to 1,196, reveals the report. The activity on the XRP ledger also grew by 23 percent in Q1 of 2021, says the report.
Although XRP price was greatly impacted by the SEC’s lawsuit, it has managed to remain strong. According to CoinGecko, the value of the asset has risen by 648 percent in the last one year.
The rising integration of XRP by projects and the strong community backup have further bolstered the price of the token. For instance, the crypto trading platform Bitrue added more XRP pairs leading to a 400 percent in its daily trading volumes.
Protocols like Wanchain building cross-bridges to the XRP ledger have further increased the use cases of XRP. As of this writing, XRP is currently trading around $1.59 according to data by Coinmarketcap.