Ripple sold $226 million worth of XRP tokens, net of purchases, in the fourth quarter, the firm said in its XRP markets report.
The centralized fintech company builds global payment products and developed the XRP payment system, which the firm describes as decentralized. While Ripple and XRP are separate entities, Ripple uses XRP and XRP's public blockchain to power its various products.
The payments processor reported transactions of over 106 million on XRP Ledger, the decentralized blockchain, and the creation of 228,000 new and unique user wallets.
Ripple said it has continued to sell XRP only in connection with on-demand liquidity (ODL) transactions, adding the popular product saw continued growth in the last quarter after experiencing its “strongest” year.
“Ripple wrapped up 2022 with its strongest year to date focusing on crypto utility and scaling its ODL product,” Ripple said in its report. “As RippleNet continues to grow, despite a tumultuous market, Ripple experienced the highest amount of demand from both new and existing customers adopting ODL.”
“Ripple’s crypto-powered payment solution is available in nearly 40 payout markets, up from just three markets in 2020,” the firm said.
ODL was launched in 2018 and helps Ripple customers to move money instantly around the world without the need for correspondent banking using XRP – unlike traditional remittance methods which can take days to settle alongside high fees.
Meanwhile, Ripple said that XRP spot markets experienced a general downtrend by way of average daily volumes at roughly $700 million, down from $1.1 billion in Q1 2022. However, it sees investment activity to return to tools that facilitate payments, trading and custody, in the near future.
“While the market will likely remain fragmented, the industry will see investment activity focusing on improving core crypto primitives such as payments, custodial services, [decentralized exchanges] and cross-chain user experiences,” Ripple said.
Source : [Ripple Sold $226M of XRP in Q4; Sees Strong Growth in On-Demand Liquidity Product](www.coindesk.com/markets/2023/02/01/ripple-sold-226m-of-xrp-in-q4-sees-strong-growth-in-on-demand-liquidity-product/?utm_medium=referral&utm_source=feedly&utm_campaign=headlines) by Shaurya Malwa - CoinDesk by Shaurya Malwa / February 01, 2023