Ripple, the company behind the XRP token, publishes every quarter a report in which it shares the progress of the project. In the past quarter, the company sold $226.31 million worth of XRP tokens. While Ripple’s XRP sales have often been criticized in the past, the company says it now only sells XRP to facilitate its services.
What is Ripple?
Ripple is a centralized fintech company that builds global payment products and developed XRP. Although it says that Ripple and the XRP token are two separate entities, Ripple uses XRP to build its products and is by far the largest holder.
In the quarterly report, Ripple mentions, among other things, the more than 106 million transactions on the XRP Ledger and the creation of 228,000 new wallets. Ripple says it currently only uses XRP sales to facilitate On-Demand Liquidity (ODL) transactions.
“Ripple had its strongest year yet in 2022 as it focused on further developing crypto applications and scaling ODL,” the report read. Despite the dramatic year 2022 for the industry, developments at Ripple continue steadily.
Nearly 40 markets
At the time of writing, Ripple’s product is available in nearly 40 payment markets, up from just three in 2020. Launched in 2018, ODL helps Ripple customers to send money around the world practically free of charge and without financial intermediaries. Unlike normal international banking transactions, transactions on Ripple’s network arrive directly at their destination.
Furthermore, Ripple acknowledges that activity related to XRP in the spot market has decreased compared to the first quarter of 2022. At the time, there was still $ 1.1 billion of XRP going back and forth, while it is now only $ 700 million. Despite that, it sees a lot of leads for the future and activity seems to be slowly returning.