XRP Ledger Transactions Touch 88.8 Million in Q3 2021

On Friday, Ripple published its quarterly XRP Markets Report to voluntarily provide transparency regarding the adoption of XRP. In Q3 of 2021, a total of 88.8 million transactions were executed on the XRP Ledger (XRPL).

The total value of the mentioned transactions stand at around $69.3 billion. Additionally, Ripple outlined the growing popularity of XRPL and added that several projects around the world are addressing different use cases of XRP Ledger.

Moreover, total ODL-related sales jumped significantly in the third quarter of 2021. In the last three months, total XRP sales by Ripple, net of purchases, were $491.74 million, compared to $157.92 million in the second quarter of 2021.

According to CryptoCompare TopTier (CCTT) volumes, overall XRP sales by Ripple, net of purchases, ended the third quarter at 26 bps or 0.26% of the global XRP volume. Additionally, transaction volume over RippleNet has increased by more than 100% since last year.

“Ripple saw significant growth and traction of ODL, which leverages XRP to eliminate pre-funding, reduce operational costs and unlock capital from a diverse cross-section of global customers for its best quarter on record. Legacy customers, like SBI Remit, who were once using RippleNet for fiat-only Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, switched on ODL to eliminate the need for pre-funded accounts,” Ripple highlighted.

Ripple, SEC, and XRP

In December 2020, the US Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission filed a lawsuit against Ripple. Following the news, XRP dropped heavily and lost nearly 60% of its value. Since then, the digital asset has gained nearly 400%. In the latest report, Ripple provided an update regarding the recent developments on the SEC’s lawsuit against the company and mentioned that the case is currently in the ‘expert discovery’ phase.

“Last quarter, Ripple hit a milestone with the conclusion of the fact discovery phase on August 31, the formal process of exchanging information, including exchanging documents and taking testimony, relevant to the case. The case is currently in the expert discovery phase, where each side exchanges expert reports opining on various aspects of the case,” Ripple added.