Ripple Releases Q3 Markets Report, Revealing Effort to Fuel XRP Remittance Project

Ripple has purchased tens of millions of dollars worth of XRP in the past three months to fuel its cross-border payments product, On-Demand Liquidity (ODL).

In total Ripple purchased $45.55 million worth of XRP in Q3, compared to zero in Q2.

The San Francisco startup purchased XRP to support markets as well as its new “Line of Credit” service, according to the company’s Q3 2020 report.

“This is a near-term product solution for the Line of Credit beta. Long-term, Ripple is building new ODL capabilities to dynamically source XRP liquidity from the open market, not just Ripple.”

The Line of Credit service allows financial institutions and money service providers using ODL to borrow Ripple’s native currency for a one-time fee via an approval system that will reportedly move faster than legacy financial options.

In the Q3 report, Ripple says feedback on the new service has been “overwhelmingly positive.”

On the flip side, Ripple also sold a total of $81.39 million in XRP in the third quarter to support ODL, the Line of Credit service, and “key infrastructure partners.” That’s up from $32.55 million in sales in Q2. Says the company,

“Last quarter, total XRP sales, net of purchases, were $35.84 million vs. $32.55 million the previous quarter.

Ripple focused solely on its over-the-counter (OTC) sales and leases as part of providing increased XRP liquidity to certain RippleNet ODL customers to improve their ODL experience, eliminating the need for pre-funding and enabling instant global payments. Similar to recent quarters, Ripple did not sell programmatically.”

Featured Image: Shutterstock/Daria.G

Related articles

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

ADVERTISEMENT