Ripple has posted a strong Q1 despite the continuing legal dispute with the Securities and Exchange Commission (SEC).
XRP revenue increased by 97 percent in the first quarter. Even with the Securities and Exchange Commission’s complaint alleging that Ripple is an uncontrolled security in the US, Ripple’s net revenues increased from $76.27 m in the last quarter of the past year to $150.34 m in the first quarter of 2021. The increased demand for RippleNet’s On-Demand Liquidity offer, which use Ripple’s coin as a bridge currency for cross-border transactions, can be linked to the increase in XRP sales.
Ripple’s ODL offer allows you to link currencies with its coin, which means that various currencies can be exchanged in three seconds. The number of XRP whales has also increased, according to Santiment data shared with Ripple. In the first quarter of 2021, the number of whales with at least 10 million XRP rose from 308 to 319.
Furthermore, the amount of e-wallets with 1 million to 10 million coins jumped from to 1,196. Even with a setback in the US, where the fintech company is being sued for 1.3b USD in unregulated virtual asset securities, the coin has continued to survive, even gaining some new clients.
Ripple teamed up with Tranglo, a firm from Asia, in March to promote cross-border payments in Southeast Asia corridors currently in place and implement new ones.
Furthermore, the cryptocurrency company has actively sought to participate in the CB virtual currency dialogue with CB’s. The digital coin has been testing a private version of its Ledger, which is going to allow safe CBDC transfers.
Despite the litigation it is facing in the US, the crypto looks to have recovered its supremacy in the cryptocurrency market. According to CoinGecko results, the price of XRP has increased by 648 percent in the past year.
It is currently trading at 1.60 dollars. In December last year, that number was at 0.20 USD, when the SEC handed Ripple a legal complaint.