Distributed ledger tech provider Ripple increased its XRP sales by 97 percent in the first quarter of 2021, according to its recently published quarterly report.
The San Francisco-based company sold a total of $150.34 million worth of XRP in Q1. It attributes the increase to "deeper engagement" with customers who use its XRP-powered On-Demand Liquidity (ODL) product for cross-border payments:
Ripple continued to engage in sales to support ODL and key infrastructure partners as part of providing increased XRP liquidity to improve the ODL experience of certain customers, eliminating the need for pre-funding and enabling instant global payments.
In December, the U.S. Securities and Exchange charged Ripple with conducting allegedly illegal XRP sales to the tune of $1.3 billion, kicking off a long-lasting legal battle.