The first quarter of 2021 was a particularly prosperous time for cryptocurrency. In just three months, the total crypto market capitalization grew from $800 billion to nearly $2 trillion, with institutional acceptance playing a key role. Morgan Stanley and Goldman Sachs both revealed plans to include bitcoin in their wealth management services, while BlackRock started trading bitcoin futures.
According to the official announcement, global XRP volume also jumped significantly during the first quarter of this year. Ripple mentioned the role of key on-demand liquidity (ODL) customers in the recent surge of XRP sales.
In its recently released quarterly report, distributed ledger technology provider Ripple grew its XRP revenues by 97% in the first quarter of 2021.
In the first quarter, the San Francisco-based business sold a total of $150.34 million in XRP. It attributes the rise to “deeper interaction” with customers who make cross-border payments using its XRP-powered On-Demand Liquidity (ODL) product.
Ripple, which is rumoured to be preparing an IPO, announced that it had agreed to buy 40% of Tranglo, Asia’s leading cross-border payments specialist, in order to meet the increasing demand for ODL. The partnership will allow Ripple to expand its service footprint in the Asia Pacific region, according to the company.
According to the study, overall XRP volume for Q1 exceeded that of the previous quarter by 37.7%, reaching $204 billion compared to $148 billion in Q4, 2020. CryptoCompare TopTier (CCTT) volumes were used to construct the graphs.
According to the survey, Q1 was a time of XRP accumulation, with the amount of whale accounts carrying 1 to 10 million tokens rising by 6.3 percent. This has been expressed in the price of the XRP token, which has increased by 154 percent in the last three months.
XRP was trading at $1.57 at the time of publishing, down 7% on the day.