Blockchain firm Ripple sells $361M worth of XRP coins during Q1

Ripple, a blockchain-based payments network, sold $361.1M worth of XRP ( XRP-USD ) tokens during the first three months of 2023, compared with $226.3M in the prior quarter, it said in quarterly XRP Markets Report. XRP, which Ripple uses to power its offerings, surged some 60% in Q1 as other major cryptocurrencies saw rallies of similar magnitudes amid investors' improved sentiment towards the market. The net XRP sales were solely in connection with Ripple's on-demand liquidity product, a payments rail powered on the blockchain without having to correspond with banking intermediaries. "Since 2020, Ripple has sourced XRP from the open market to ensure there is a sufficient supply of XRP available for our growing ODL business," the San Francisco-based company noted. “We continually strive to minimize undue market impact with our purchases by, for example, limiting how much and from whom we purchase XRP.” Total sales by Ripple, net of purchases, ended Q1 at 0.44% of global XRP volume. Activity on XRP Ledger on-chain stayed strong, the report said, with decentralized exchange volumes climbing 34% to $115M from Q4 2022. XRP average daily volume on centralized exchanges, meantime, soared 46% to $1B. More on Ripple and XRP Ripple February Update: ODL Data, Buyback Theory, LBC Price Surge, SEC Final Arguments Cryptos Aren't Securities: XRP And The SEC Vs. Ripple Lawsuit