According to the third quarter report of the San Francisco-based company, Ripple recorded a 211 percent increase in XRP sales compared to the previous quarter. The company sold $491.74 million worth of XRP in the third quarter, compared to $157.92 million in the second quarter of the year.
The growth in the sale of the company’s local asset is attributed to the success of Ripple’s On-Demand-Liquidty (ODL) service, which uses XRP as a bridge between fiat currencies.
According to Asheesh Birla, general manager of RippleNet, ODL now accounts for a quarter of the network’s total dollar volume. Transactions made with the help of the service also increased by 130 percent in the last quarter.
But ODL hardly does business in the US due to the Securities and Exchange Commission’s lawsuit against Ripple.
Since the fourth quarter of 2019, the company’s programmatic sales have also been halted, meaning that Ripple no longer sells XRP to cryptocurrency exchanges.
XRP’s Transaction Volumes Drop 50 Percent
Besides these positive news; In the third quarter, XRP’s global trading volumes dropped more than 50 percent, according to CryptoCompare’s report.
To compare; Bitcoin has also seen a 33% decrease in transaction volumes compared to the previous quarter. However, some cryptocurrencies like Solana and Terra have managed to defy this trend, although the two biggest cryptocurrencies have suffered a decline.
However, some cryptocurrencies such as Solana (SOL) and Terra (LUNA) have managed to defy the trend.
Ripple Is Done With Jed McCaleb
In its Q3 report, Ripple also confirmed that it made its final transfer to co-founder Jed McCaleb in the third quarter. The “tacostand” wallet that transferred XRP tokens to McCaleb emptied in early September.