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Ripple Sold $226 Million Worth of XRP in Q4, Here Are Other Key Insights

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Tue, 31/01/2023 - 9:29
Ripple Sold $226 Million Worth of XRP in Q4, Here Are Other Key Insights
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Crypto company Ripple, which specializes in cross-border money transfers, has reported its fourth quarter 2022 results. Ripple's report included not only key metrics describing the company's direct operations, but also a performance review of XRPL, the decentralized blockchain ecosystem used by the company.

Cross-border business

According to the report, Ripple's total number of XRP sales through On-Demand Liquidity (ODL) corridors was $2.96 billion, of which $2.74 billion were redeemed back, and of them, $2.1 billion were deposited back into escrow accounts. Thus, net XRP sales were $226.31 million, down 27.15% from the third quarter of 2022.

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Despite a drop of more than a quarter in net sales, total XRP sales through ODL increased by 5.12%. As noted in the report, this is primarily due to growth in demand and technology adoption, as well as expansion into the French, Swedish and African markets through new partnerships.

XRPL performance

As for XRPL's on-chain activity, there was a year-on-year decline in the number of transactions, but a quarter-on-quarter increase. However, the number of XRP burned for fees fell by 30.4% to 101,968. At the same time, the number of new wallets on the XRP Ledger increased significantly, almost doubling quarter-on-quarter to 228,143.

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Listing important ecosystem milestones in the past quarter, Ripple is focusing on the release of the first phase of the EVM sidechain, which will enable popular DeFi applications such as Uniswap, Compound and Aave to run on XRPL.

Also of note is the emergence of full NFT functionality on XRPL following the introduction of the XLS-20 standard. Since implementation, more than 800,000 NFTs have been minted, and the number of transactions has increased by 410,600, bringing additional volume to the XRP market.

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