Ripple, the giant blockchain company, is known as the company behind the popular altcoin XRP. In addition, the company establishes many partnerships to facilitate payments worldwide. In this article, we will talk about Ripple’s latest XRP sale and the company’s fourth-quarter results. Here are the details…
Blockchain giant processed millions of transactions in the last quarter
In Q4 of 2022, the trading volume in the entire crypto industry fell. But despite this, XRP Ledger (XRPL) activity has grown tremendously. The company stated that XRPL transactions in the 4th quarter exceeded the 3rd quarter by more than 3 million. According to data shared by Ripple, ten chain XRPL transactions in the fourth quarter of 2022 totaled approximately 106.42 million compared to approximately 103.03 million recorded in the third quarter of 2022.
Ripple noted this success in the aftermath of the collapse of FTX. That’s why the data is remarkable. According to Ripple, XRPL transactions increased more than in the previous quarter in the 4th quarter of 2022 due to the increase in NFT activity. Commenting on the development, Ripple said in a statement:
While transaction volumes in the broader market slowed, the number of transactions on the ledger increased by over three million, largely driven by NFT activity after the adoption of the XLS-20 change on November 2, 2022.
101.9 thousand XRP burned
The report also pointed out that a total of 101,968 XRP tokens were burned through XRPL-based transaction fees. But the number of XRP burned in the fourth quarter fell 30 percent compared to the 146.3k in the third quarter. Average transaction costs also fell, according to Ripple data. Therefore, the amount of XRP burns in the fourth quarter decreased. Around 0.00096 XRP was paid per transaction in the fourth quarter. In the third quarter, this amount was 0.0014 XRP. Ripple added, “XRP burned down as transaction fees dropped 33% even though the number of transactions increased and the average cost of a USD-denominated transaction remained almost zero.”
Sold $226 million worth of XRP
Meanwhile, the number of new wallets in XRPL also saw a significant increase in Q4. According to Ripple, the number of new wallets increased from approximately 125,223 in the previous quarter to 228,143 in Q4. Besides the statistics mentioned above, Ripple also revealed other important activities that took place in the last quarter. The company announced that it has sold $226 million worth of XRP tokens to users of its On-Demand Liquidity (ODL) solution.
According to the report, the total number of XRP sales Ripple made through ODL corridors was $2.96 billion, of which $2.74 billion was redeemed, of which $2.1 billion was deposited back into escrow accounts. Thus, net XRP sales amounted to $226.31 million, down 27.15 percent compared to the third quarter of 2022. Despite the decline in net sales, total XRP sales through ODL increased by 5.12 percent. According to the report, this is mainly due to growth in demand. It is also an important factor to enter the markets of France, Sweden and Africa through the adoption of technology and new partnerships.
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