Ripple sold $226 million worth of XRP in Q4; sees strong growth in on-demand liquidity product

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Ripple sold $226 million worth of XRP tokens, net of purchases, in the fourth quarter, the company said in its XRP Markets Report.

The centralized fintech company creates global payment products and developed the XRP payment system, which the company describes as decentralized. And although Ripple and XRP are separate entities, Ripple uses XRP and the public XRP blockchain to power its various products.

The payments processor reported more than 106 million transactions on XRP Ledger, the decentralized blockchain, and the creation of 228,000 new and unique user wallets.

Ripple said it continued to sell XRP only in on-demand liquidity (ODL) transactions, adding that the popular product saw continued growth in the last quarter after having its best year ever.

Ripple ended 2022 with its best year yet focusing on crypto utility and scaling its ODL product, Ripple said in its report. As RippleNet continues to grow, despite a tumultuous market, Ripple has seen the highest demand from new and existing customers adopting ODL.

Crypto-based payment solution Ripples is available in nearly 40 payment markets, up from just three markets in 2020, the company said.

ODL was launched in 2018 and helps Ripple customers transfer money instantly around the world without the need for a correspondent bank using XRP, unlike traditional money transfer methods which can take days to clear. with high fees.

Meanwhile, Ripple said that XRP spot markets have seen a general downward trend thanks to average daily volumes of around $700 million, compared to $1.1 billion in the first quarter of 2022. However, it sees the investment business returning to tools that facilitate payments, trading and custody, in the near future.

While the market is likely to remain fragmented, the industry will see investment activity focus on improving core cryptographic primitives such as payments, custody, DEXs and cross-chain user experiences, a said Ripple.

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