In the fourth quarter of 2022, Ripple again bought more XRP than the previous quarter, which decreased sales of the coin after accounting for the purchases. The company disclosed this information in its quarterly report.
XRP Q4 Sales Stats Saw $100 Million Increase From Q3
Notably, total XRP sales in Q4 were almost $100 million higher than Q3, coming in at approximately $2.964 billion. However, the company reported a lower net sales figure due to increased repurchases during the quarter.
According to the report, the company repurchased approximately $2.737 billion in XRP, increasing from approximately $2.508 billion during the third quarter. As a direct consequence, quarterly net sales decreased by approximately $100 million.
It is crucial to note that the growing interest in Ripple The on-demand liquidity (ODL) service is behind the increase in the total amount of XRP sold. For context, the service uses XRP as a bridge currency to facilitate near-instant payments across borders.
According to the most recent report, customers sent 60% of all transactions processed by Ripple in 2022 via ODL. This finding lends credence to recent claims made by Ripple CEO Brad Garlinghouse.
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As often stated in the media, the product now covers almost 40 payment markets, representing approximately 90 percent of the currency markets. This is a substantial increase compared to just three markets just two years earlier.
According to the paper, the service was brought to France and Sweden in the fourth quarter of 2022 through agreements with Lemonway and Xbaht, respectively, and brought to Africa through MFS Africa. In addition, the firm reports that it has expanded its customer base to include companies interested in using its solution to make cross-border payments related to their respective businesses.
Is Ripple linked to FTX?
In other pertinent related information, Ripple had around 57.7 million XRP in outstanding XRP leases at the end of Q4. It is important to note that Ripple often rents out some of the XRP intended for sale to market makers and other market participants.
Garlinghouse reportedly accidentally revealed at Davos that the corporation, which made headlines with its FTX asset acquisition plans, has FTX exposure of around $10 million as a result of an XRP lease. On the other hand, he dismissed it as insignificant, saying it only accounted for about one percent of the company’s shares.
