Blockchain company Ripple sold more than $361 million worth of xrp (XRP) tokens in the first three months of the year, up from from $226.31 million in the previous quarter, it said in the latest XRP Markets Report.
The company builds küresel 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 various products.
The sales were in connection with Ripple’s on-demand liquidity (ODL) product, which helps customers to move money around the world without the need for correspondent banking relationships.
XRP Ledger (XRPL) on-chain activity remained strong, with decentralized exchange volumes increasing 34% from the fourth quarter to $115 million.
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Ripple said it has sourced XRP from the open market to ensure there is sufficient supply available for the growing ODL business. The total sales by Ripple, net of purchases, ended the quarter at 0.44% of küresel XRP volume.