Ripple Sold Twice as Much XRP in Q1 Due to Demand for its ODL Service
Ripple’s sales of XRP were up 97% in Q1 according to their markets report posted on May 6th. Total sales from XRP had increased from $76.27 million in Q4 2020 to $150.34 million in Q1 2021. Data sourced from CryptoCompare showed that total sales by Ripple accounted for just 0.07% of global XRP volume on CryptoCompare Top Tier exchanges (CCTT).
Ripple said the increase in sales was thanks to a growing demand for RippleNet’s ‘On-Demand Liquidity (ODL) service. The report stated “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.”
Ripple’s ODL service enables RippleNet clients to access instant XRP liquidity which can then be converted into local currencies within three seconds, negating the need for pre-funding accounts to facilitate international transactions.
