According to its latest XRP Markets Report, Ripple, a blockchain company that creates global payment products and utilizes the XRP payment system, sold over $361 million worth of XRP tokens in the first quarter of 2023. This amount marks a significant increase from the previous quarter’s $226.31 million in sales. Ripple only sells XRP in connection with its international transaction product, and it sources the tokens from the open market to meet the demands of its growing on-demand liquidity business.
Despite Ripple and XRP being distinct entities, Ripple uses the XRP public blockchain and XRP tokens to power its payment products. The company’s on-demand liquidity product enables customers to transfer money worldwide without requiring correspondent banking relationships.
The XRP Ledger on-chain activity remained robust, with decentralized exchange volume increasing by 34% to $115 million compared to the previous quarter. Ripple’s total sales, net of purchases, accounted for 0.44% of the global XRP volume at the end of the quarter.