The Demand of Ripple Sold Twice and Grew its ODL Service from the Last Quarter.
XRP revenues rose 97% in Q1, with the firm focusing on the flexibility service for RipplesNet's expansion.
Ripple mentioned a 97 percent growth in XRP revenue for Q1, considering its continuing legal dispute with the Securities Exchange Commission. On May 6th, Ripple published its Q1 update, which shows that overall net transaction revenues in Q4 2020 have decreased from $76,27 million to $150,34 million in Q1 this year.
Ripple observed that the revenue growth is driven by increasing demand for the on request liquidity or ODL RippleNet operating capital network.
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"It is due to the intensifying of XRP revenues by ODL's leading clients. Ripple did not sell algorithmically for more than just a year."
The company added: "To help ODLs and main technology partners, Ripple continued to contribute to improved XRP liquidity, boost customers' ODL engagement, avoid the need to pre-fund and allow for immediate global payments."
The net revenue by Ripple represented just 0.07% of the global XRP value, as per CryptoCompare.
However, according to Ripple, ODL allows RippleNet customers to immediately provide XRP with liquidity that can be exchanged into foreign currency within three seconds, thereby eliminating the need to keep international payment account pre-funded.
It also announced three billion XRPs withdrawn from its vast deposits during the quarter — but 2.7 billion XRPs were added to new escrow agreements.
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Some also traced XRP's latest revival to a 40 percent stake in the transnational payment company Tranglo purchased from Ripple laboratories in order to extend its ODL operation to Southeast Asia.
On April 9, Sheraz Ahmed, founder of the podcasting and managing partner Cryptovalley Association at Storm Partners and supplier of crypto and blockchain technologies, said to Cointelegraph:
"Ripple has reported that its 40% stake in Asia's leading cross-border payment gateway, Tranglo, is driven by XRP's increasing acceleration. Without question, the relationship will make Ripple exposed to the Asian industry."
Furthermore, wallets containing 1 to 10 million XRP increased by 6.3% from 1.125 in the fourth to 1.196 in the first quarter.
The SEC case of unlisted shares worth 1.3 billion dollars, claiming Ripple Labs, seems not to impede the growth of major players’ assets. The study showed a 3.5 percent spike in the amount of XRP whales in Q1. Data from 308 in Q4 2020 increased to 319 in Q1 2021 using Santiment, which were "whale carriages' carrying XRP 10 million or more.
The prices of XRP have risen by 648% in the last 12 months, as per CoinGecko numbers. John Wagster, a solicitor for the Frost Brown Todd, on April 18th, talked to Cointelegraph and connect the enormous benefits of XRP not only to the company's latest set legal victories in support of the SEC lawsuit but to the bullish sentiment of crypto markets in general.
During the last 24 hours, XRP changed ownership, now standing at the cost of 1.59 dollars and having a market value of 73 billion dollars.
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