Ripple, a blockchain company based in San Francisco, released its market report for the first quarter of the current year, in which it pointed out some of the developments it saw in the first quarter.
According to the report, the demand for the company’s on-demand liquidity service (ODL) has grown exponentially over the past few months. Part of the report also addressed some updates resulting from the ongoing lawsuit between blockchain payment giant Ripple and the US Securities and Exchange Commission.
The quarterly report on XRP market sales found that total XRP sales rose sharply in the first quarter of the current year, valued at over $ 150 million. This is significant growth that the company saw in a single quarter. In comparison, that growth is nearly 97 percent higher than the previous quarter, when it was valued at $ 76.27 million. According to the report, the other details include:
“Ripple’s total sales after purchases ended the quarter at 7 basis points, or 0.07% of global XRP volume, according to data from CryptoCompare TopTier (CCTT).”
In particular, there was talk of on-demand liquidity (ODL) growth, which the company says has potentially grown over the last quarter and demand for this service is still growing at a rapid pace. The company said in the report that it would need to acquire a 40 percent stake in large cross-border payment firm Trianglo in order to respond to growing demand from its ODL.
While speaking about the company’s performance, Ripple Chief Executive Officer Brad Garlinghouse said the company was able to grow and expand its business in both the Japanese and Asian markets.