Ripple Releases Q1 2022 XRP Markets Report With Record NumbersMay 3, 2022 12:18 pm
Every quarter, Ripple releases a XRP Markets report in order to provide transparency and updates on the company’s performance and XRP milestones.
The reports often include Ripple’s view on the current state of the industry from both a financial and regulatory perspective for each of the regions that Ripple operates in.
This separates investors in XRP from investors of other digital assets because XRP holders become informed stakeholders that know exactly where their money is going.
Additionally, the point is to encourage trust and open communication within the crypto industry which can be lacking at times.
The report outlines record growth in key areas such as growth in the NFT space, the XLS-20 update, XRPL interoperability, the creation of XRPL’s built-in DEX, and lastly how Ripple is doing against global regulation of crypto.
The most impressive things to note in the report is the record numbers that Ripple has recorded which indicates the rapid adoption of XRP as a global financial payment network.
— Ripple (@Ripple) May 2, 2022
RippleNet Kicks Off Year with Record Numbers
Q1 2022 was a record quarter for On-Demand Liquidity (ODL) as volume grew considerably with nearly 8x YoY growth.
Overall, RippleNet saw a $15B annualized payment volume run rate marking unprecedented growth as customers use ODL for several different use cases beyond traditional remittances or individual payments, including treasury and bulk SME payments.
Disciplined, Responsible Stakeholders: Q1 Sales and Purchases
Last quarter, total XRP sales by Ripple, net of purchases, were $273.27M vs. $717.07M USD the previous quarter.
Ripple has continued to engage in sales related to ODL and these volumes have ramped up substantially as Ripple’s ODL business expanded as well.
As has been the case since Q4 2019, Ripple did not conduct programmatic sales in Q4.
The report also notes that Ripple has been a buyer of XRP as well on the secondary markets and plans to continue buying as Ripple’s ODL service continues to expand.
This is great news for XRP holders as it ensures that the success of the On-demand liquidity service, which is in demand by all financial institutions, will create a constant market demand for XRP.
This means that it will likely create a long-term bullish momentum for the price of XRP given that there is always demand for the token.
So far, there is a total of around 140M transactions on the XRP Ledger that was worth around $61 billion in the first quarter.
Ripple has been a buyer of XRP in the secondary market and expects to continue to undertake purchases at future market prices as ODL continues to gain global momentum. @Ripple
Q1 2022 XRP Markets Report
May 1, 2022https://t.co/f73OpvZyGY
— JamesRuleXRP💫HODL💫DYOR💫I Told You So🚀👊😎 127K (@RuleXRP) May 3, 2022
XRP price remained buoyant, staying largely range-bound for the quarter compared to other large tokens, despite a decline in volumes and in the face of broader macro cues and BTC price action.
Last quarter, there were a total of 140.8M transactions on the XRP Ledger with $61.1B via 80.8 billion XRP in volume.
The community continued to create and advance more projects and apps to address a variety of use cases.
Ripple announced a 1B XRP commitment to the XRPL Grants program to advance XRPL projects and support the independent developer community building projects of all types on the XRP Ledger.
So far, RippleNet is kicking off the year with record numbers and continued growth is expected, especially with Ripple’s ODL service.
2/ RippleNet reached a $15B annualized payment volume run rate, as customers expand the use of RippleNet and ODL beyond remittances (including treasury and SME payments) pic.twitter.com/7TcgmwQmXz
— Asheesh Birla (@ashgoblue) May 2, 2022
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