Main navigation

Ripple Doubles XRP OTC Sales in Q4 2020: Report

News
Sat, 02/06/2021 - 11:51
article image
Yuri Molchan
In its Q4 2020 XRP markets report, Ripple blockchain giant revealed that it had doubled the OTC sales of its native XRP token to market participants
Ripple Doubles XRP OTC Sales in Q4 2020: Report
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

Ripple fintech decacorn has published its quarterly XRP markets report for Q4 2020. Among other facts, this document mentions that in quarter 4, Ripple doubled its OTC sales of XRP to market participants to sustain XRP liquidity.

XRP
Image via Twitter

Ripple’s XRP sales double in Q4

In the last quarter of last year, Ripple sold a total of $76.27 million (net of $45.55 million purchases) to market participants. In Q3 2020, the amount of tokens sold by the company equaled $35.84 million.

According to the report, these sales and leases are performed by the company as part of providing certain Ripple partners and members of RippleNet with XRP liquidity, so that they can improve their ODL operations.

33 market participants have taken restrictive actions against XRP

The report also reveals that after the US SEC announced its legal action against Ripple and two of its CEOs, Brad Garlinghouse, and a cofounder and former CEO Chris Larsen, multiple platforms started taking some sort of restrictive measures against XRP.

The did not delist it but suspended trading XRP pairs. Among them are such crypto exchanges as Bitstamp, Coinbase, Kraken, etc, as well as Grayscale, which shut down their Grayscale XRP Trust.

However, Coinbase customers can still use their XRP wallets for storing the coin or withdrawing it to other platforms or wallets.

Overall, the report speaks about thirty-three such companies.

XRP
Image via Ripple

Related
Elon Musk’s Twitter Poll Offers Choice – Is It DOGE or All Other Crypto Combined?

2.6 billion XRP locked in escrow

Every first day of a month, Ripple releases one billion XRP tokens from its escrow wallet to use part of that money for sales or covering its operational expenses.

However, around eighty percent of that is usually locked back afterwards. In Q4 2020, according to the report, Ripple locked back in escrow 2.6 billion XRP.

"In Q4 2020, three billion XRP were released out of escrow (one billion each month) in line with prior quarters. In total across the quarter, 2.6 billion XRP were returned and subsequently put into new escrow contracts." 

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.