On Friday, Ripple published its quarterly XRP Markets Report to voluntarily provide transparency regarding the adoption of XRP. In Q3 2021, a total of 88.8 million transactions were executed on the XRP Ledger (XRPL).
The total value of the mentioned transactions stands at around $69.3 billion. Ripple also outlined the growing popularity of XRPL and added that several projects around the world are addressing different use cases of XRP Ledger.
Moreover, total ODL-related sales jumped significantly in the third quarter of 2021. In the recent three months, total XRP sales by Ripple, net of purchases, were $491.74 million, compared to $157.92 million in the second quarter of 2021.
According to CryptoCompare TopTier (CCTT) volumes, overall XRP sales by Ripple, net of purchases, ended the third quarter at 26 bps or 0.26% of the global XRP volume. Additionally, transaction volume over RippleNet has increased by more than 100% since last year.
“Ripple saw significant growth and traction of ODL, which leverages XRP to eliminate pre-funding, reduce operational costs and unlock capital from a diverse cross-section of global customers for its best quarter on record. Legacy customers, like SBI Remit, who were once using RippleNet for fiat-only payments, switched on ODL to eliminate the need for pre-funded accounts,” Ripple highlighted.
Ripple, SEC, and XRP
In December 2020, the US Securities and Exchange Commission filed a lawsuit against Ripple. Following the news, XRP dropped heavily and lost nearly 60% of its value. Since then, the digital asset has gained nearly 400%. In the latest report, Ripple also provided an update regarding the recent developments on the SEC’s lawsuit against the company and mentioned that the case is currently in the ‘expert discovery’ phase.
“Last quarter, Ripple hit a milestone with the conclusion of the fact discovery phase on August 31 – the formal process of exchanging information, including exchanging documents and taking testimony, relevant to the case. The case is currently in the expert discovery phase, where each side exchanges expert reports opining on various aspects of the case,” Ripple added.
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