The figure reached $150.34 million during the period. In the fourth quarter of 2020, the company sold $111.12 million worth of XRPs and spent $34.85 million to acquire them.
Ripple attributed the increase in sales to the development of its On-Demand Liquidity (ODL) payment solution. The company noted “deeper engagement from key ODL customers” and emphasized that it has not sold XRP through cryptocurrency exchanges or other partners in more than a year.
Ripple, citing data from analyst firm CryptoCompare, pointed out that in the first quarter of 2021, the average daily trading volume of XRP was $2.26 billion, compared to $1.61 billion in the fourth quarter of 2020.
In March 2020, company CEO Brad Garlinghouse said that XRP sales formed a significant portion of its profits.
In December, the U.S. Securities and Exchange Commission (SEC) accused Ripple and its executives of unregistered sales of $1.3 billion in securities disguised as tokens.
Against this backdrop, Galaxy Digital, Bitstamp, and B2C2, as well as Coinbase and OKCoin, suspended XRP trading for U.S. residents. Kraken, PayBito, and others have made similar decisions.
SBI Holdings, a Japanese financial conglomerate, announced its support for Ripple. They noted that XRP is not a security in accordance with local law.
Recall that in March 2021, the SEC stated that exchanges or other platforms do not violate the regulator’s guidelines by selling XRP tokens.