Ripple's revenue from XRP sales in the first quarter increased by 97%

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Ripple increased revenue from XRP token sales by 97% in the first quarter, despite ongoing litigation with the US Securities and Exchange Commission (SEC). On Thursday, Ripple presented its financial statements, according to which XRP sales for the quarter increased from $76.27 million to $150.34 million.

"The growth in XRP sales can be attributed to deeper engagement from key ODL customers. For more than a year, Ripple has not implemented programmable sales, " the publication says.

The ODL or On-Demand Liquidity service allows Ripple customers to conduct instant cross-border transactions using XRP. Programmable sales, on the other hand, are carried out by XRP partners and are aimed at further allocating the company's reserves. In the latest report, Ripple notes that the share of its sales in the total trading volume of XRP in the first quarter was only 0.07%.

The company also confirmed that it released 3 billion XRP from its vaults during this period, of which 2.7 billion were placed back. According to her observations, the first quarter of 2021 was the quarter of accumulation of XRP. Thus, the number of "whales" with at least 10 million XRP in their wallets has increased from 308 to 319. The number of wallets with at least 1 million XRP has also increased.

The success of the first quarter for Ripple can be explained by the double growth of the XRP rate during this period. In April, the upward momentum intensified, and by the middle of the month, the token was trading around $2, having risen three times in two weeks.