Ripple Announces Skyrocketing XRP Sales In Q4 2021

XRP sales skyrocketed. (Financemagnates)

JAKARTA – Despite being sued by the US Securities and Exchange Commission (SEC), the sale of Ripple (XRP) crypto is not affected. Ripple itself announced a surge in XRP sales in the fourth quarter of 2021 with demand for RippleNet.

According to The Daily Hodl report, Ripple announced the milestone in its official blog post saying that it sold XRP in the last quarter in connection with its cryptocurrency-backed On-Demand Liquidity (ODL) cross-border payment platform.

The San Francisco-based company also purchased nearly $322 million in XRP, bringing net sales to $717 million, an increase of more than 45 percent from the $491.74 million in XRP it sold in Q3 2021. XRP sales were driven by growth in ODL adoption.

"Ripple continues to engage in sales to improve the ODL experience of certain customers, eliminate the need for pre-funding on exchanges and enable instant global payments," Ripple wrote.

The company also noted that RippleNet, its network of institutional payment providers, had “the most successful and profitable year to date.”

“The number of transactions on RippleNet has more than doubled, with a payout volume rate of over 10 billion dollars. This is a testament to the product given that Ripple parted ways with MoneyGram, its largest customer, soon after the SEC filed its lawsuit against Ripple.”

The SEC sued Ripple in December 2020. The US Securities and Exchange Commission accused Ripple of selling XRP as a security at the time of its release. So far, US regulators have insisted on labeling the XRP token as a security. Since the SEC's allegations surfaced, Ripple's plans for an IPO have been delayed.

As of writing, the price of XRP is trading at Rp8,984. XRP has increased 1.0 percent in the last 24 hours according to data from Coingecko.