The world’s fourth largest cryptocurrency, Ripple, has seen its XRP token’s value increase by nearly five times since January of this year, and the company believes its success will continue for years to come. This is due in no small part to the company’s plan to revolutionize cross-border payments with RippleNet, a decentralized global network that uses Ripple’s technology to provide instant, secure, and nearly free global financial transactions of any size with no chargebacks.
As the market for cryptocurrency continues to surge, businesses are realizing the importance of lowering transaction fees and speeding up processing times. Despite this being a new technology, the benefits of utilizing blockchain-based currencies are many, including security, near-zero transaction costs, and the ability to send money across international borders without the need for a third-party intermediary .
Ripple, a San Francisco-based blockchain company, has released its market report for the first quarter of this year, highlighting some of the developments that took place in the first quarter.
According to the report, demand for the company’s On Demand Liquidity (ODL) service has grown exponentially in recent months. Part of the report also talked about some updates regarding the ongoing legal battle between blockchain payment giant Ripple and the US Securities and Exchange Commission (SEC).
A quarterly report on XRP sales in the market showed that total XRP sales rose sharply to over $150 million in the first quarter of this year. This is a significant increase for the company in one quarter. This is an increase of almost 97% from the previous quarter, when the amount was $76.27 million. According to the report, there are more details:
According to CryptoCompare TopTier (CCTT), Ripple’s total revenue, net of purchases, was 7 basis points, or 0.07% of global XRP volume, at the end of the quarter.
In particular, she discussed the growth of demand-side liquidity (DSL), which the company said has seen potential growth in the past quarter, and demand for the service continues to grow rapidly. To meet the growing demand for its ODLs, the company had to acquire a 40% stake in Trianglo, a major cross-border payments company, according to a report.
Ripple CEO Brad Garlinghouse said the company has been able to grow and expand its business in the Japanese and Asian markets.
This source has been very much helpful in doing our research. Read more about xrp price and let us know what you think.
xrp newsbitcoinxrp priceripplenetripple xrphow to join ripple network,People also search for,Privacy settings,How Search works,Bitcoin,Currency,xrp news,ripple odl,on demand liquidity pdf,xrp price,what is on-demand liquidity,ripplenet,ripple odl volume