Ripple’s Q3 report shows XRP’s unprecedented growth

To make an informed decision, XRP investors must consider the lawsuit between the US Securities and Exchange Commission and Ripple Labs in the US, as well as the blockchain company’s activities in the overseas market. Ripple’s market report for the third quarter of 2021 has given a glimpse into the global performance of XRP after the crypto market crashed in May 2021.

Team Ripple was quick report “Unprecedented” growth in on-demand liquidity (ODL), which enables customers to reduce their reliance on pre-funded accounts.

“The transaction volume (in US dollars) on RippleNet has more than doubled since last year and the ODL transactions increased by 130% qoq. In the third quarter, ODL transactions accounted for ~ 25% of the total volume. All XRP sales this quarter are attributed to the growth and adoption of ODL. ”

In terms of XRP sales, Ripple noted that net purchases were $ 491.74 million in the third quarter, more than double from $ 157.92 million in the second quarter.

But what else will the XRP ecosystem have in the future? According to the report, RippleX is considering bringing federated sidechains to the XRP Ledger Mainnet (v1.8). The announcement will be published in November.

Ripple XRP will be available worldwide

Ripple’s focus on cross-border ODL is evident in their activism to date. The San Francisco-based blockchain company announced partnerships with fintech firm Pyypl in the Middle East and the Al Ansari currency exchange in the United Arab Emirates.

In addition, Ripple is also working with public institutions and is working with the Royal Monetary Authority of Bhutan to test the CBDC.

Regarding XRP’s on-chain indicators, the report states:

“In the last quarter there were a total of 88.8 million transactions in the XRP ledger with 69.3 billion US dollars, which were traded over 74.5 billion XRP volumes.”

They also announced:

“In September 2021, Ripple officially transferred the last XRP to Jed McCaleb.”

Still, the report admits that XRP’s volume was “below average” in the third quarter. The average daily volume of XRP fell more than 50% in Q3, but the Ripple team claimed that was the case for most digital assets at the time.

The process between the SEC and Ripple Labs will continue next year as the court extended the settlement period to January 14, 2022. The SEC previously indicated “strong” XRP sales. However, Ripple hit back, claiming that its assets are lagging behind Bitcoin and ETH.

At the time of writing, XRP is trading at $ 1.08, up more than 1% in the past 24 hours.

XRP Price Chart | Source: Tradingview

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Minh Anh

According to AMBCrypto

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