Ripple, a blockchain company that specializes in global payment products, has reported selling over $361 million worth of XRP tokens in the first quarter of 2023. This is a significant increase from the previous quarter’s sales of $226.31 million. The Company has developed the XRP payment system, which it describes as decentralized, and uses XRP’s public blockchain to power its products.
The sales are in connection with Ripple’s on-demand liquidity product, which allows customers to move money around the world without the need for correspondent banking relationships. This product has been a major driver of XRP sales, and Ripple has been sourcing XRP from the open market to ensure there is sufficient supply available for the growing on-demand liquidity business.
Despite the increase in sales, XRP Ledger’s on-chain activity remained strong, with decentralized exchange volume increasing by 34% from the previous quarter to $115 million. This indicates that XRP is being actively used and traded on the blockchain.
Ripple continues to expand its partnerships
Ripple and XRP are separate entities, but the later uses XRP and XRP’s public blockchain to power its products. The company has been working to promote the use of XRP as a bridge currency for cross-border payments, which could potentially disrupt the traditional correspondent banking system.
However, the platform has faced regulatory challenges in the past, with the US Securities and Exchange Commission (SEC) filing a lawsuit against the company in 2020, alleging that XRP was an unregistered security. Ripple has denied these allegations and is currently fighting the lawsuit in court.
Despite the regulatory uncertainty, the Company has continued to grow its business and expand its partnerships. The company recently announced a partnership with Novatti Group, an Australian payments company, to enable cross-border payments using XRP