Ripple reported a 98% increase in its product sales even though there are ongoing legal battles with the Securities Exchange Commission.
On May 6th, Ripple posted the report of its Q1 markets revealing that total sales net of purchases had gone from $76.28 million in Q4 2020 to $150.35 million in Q1 this year.
Ripple noted that the growing demand for RippleNet’s capital service led to a surge in sales.
The company added that Ripple continues to engage in sales to support ODL and other critical infrastructure partners. That will be as part of providing XRP liquidity for improving the ODL experience of specific customers. It will eliminate the need to enable instant global payments and pre-funding.
Ripple accounted for its total sales for just 0.08% of global XRP volume, according to CryptoCompare.
Based on Ripple, ODL allows RippleNet clients to start with instant liquidity in XRP. Later, they can convert it into international currencies within a few seconds, which will remove the need to hold pre-funded accounts for international payments.
The company also reported that its massive escrow holdings released three billion XRP. However, new escrow contracts received 2.7 billion XRP returns.
Some have also attributed XRP’s resurgence in part to Ripple labs’ purchase of about 40%. That is a stake in cross-border payments company Tranglo, which expanded its ODL service in Southeast Asia.
Managing partner at Storm Partners and the Crypto Valley Association podcast host, Sheraz Ahmed, a crypto and blockchain solutions provider. On April 9th, he told Cointelegraph that wallets holding between 1 million to 10 million XRP grew by 6.4%. It went up from 1,126 in Q4 to 1,197 in Q1.
The SEC case alleges ripple Labs because of selling unregistered securities worth $1.4 billion. However, it does not seem to be preventing big players from increasing their holdings. The report showed that the number of XRP whales increased by 3.6% in Q1. The company published data via Santiment that revealed whale wallets’ holding 10 million XRP or even more increased from 309 in Q4 2020 to 318 in Q1 2021.
In the past 12 months, the price of XRP is up 649%, according to data from CoinGecko. On April 18th, an attorney at Frost Brown Todd, John Wagster, spoke with Cointelegraph attributing XRP’s mammoth gains. Mentioning the bullishness in crypto markets rather than the firm’s current set of legal wins in defense of the SEC case.