The so-called “programmatic sales” of XRP (essentially Open Market Exchange Sales) have achieved another return – with a large blockchain company Ripple again claims it is due to on-demand liquidity (ODL).
In their May 6 report, Ripple wrote that they have not sold programmatically in “well over a year”. For the first quarter of this year, Ripple’s total XRP revenue after purchases was $ 150.34 million compared to $ 76.27 million in the previous quarter.
“The increase in XRP sales is due to increased engagement from key ODL customers,” the company said. “They continued to make sales to support ODL and key infrastructure partners to improve XRP liquidity and enhance the ODL experience.” from specific customers, eliminating the need for pre-financing and enabling instant global payments. “
ODL-related sales include leases, over-the-counter (OTC) sales, and XRP sales in support of ODL (including line of credit) and key infrastructure partners.
Certain wallets used for XRP sales also offer short-term leases to market makers, and these are “often misrepresented as sales” by market participants.
This isn’t the first time Ripple has resumed programmatic sales of XRP. This is part of his strategy to provide RippleNet’s ODL customers with increased XRP liquidity, as they saw increased interest from financial institutions. As reported in August 2020, Ripple had stated that total XRP sales in the second quarter of 2020 ended at $ 32.55 million – an 18-fold increase that drove XRP price up that day.
Meanwhile, today at 7:42 UTC, XRP is down 2% in one day, trading at USD 1.62. In a week it’s up 4%. Overall, it increased 63% in one month and 655% in one year.
As reported, Ripple agreed to acquire 40% of the Asian cross-border payments specialist in March Tranglo “To meet the growing demand for ODL,” this would help Ripple expand ODL’s reach to the APAC region.
In that last post, Ripple also reported that the average daily XRP volume was $ 2.26 billion in the first quarter, compared to $ 1.61 billion in the previous quarter. “In particular, the XRP volumes recorded four of the days with the highest volume ever recorded,” quoted Ripple as saying CryptoCompare.