Ripple has published its Q4 2022 report where its net sales of XRP via On-Demand Liquidity [ODL] reached $226.31 million.
According to the report, a total of $2.96 billion in XRP was sold by Ripple through On-Demand Liquidity [ODL] corridors, of which $2.74 billion was redeemed back and $2.1 billion was placed back into escrow accounts.
By the end of Q4 2022, XRP spot markets experienced a general downtrend by way of average daily volumes [ADVs] currently at roughly $700 million, down from $1.1 billion in Q1 2022. This is consistent with crypto more broadly, wherein the derivatives market, open interest for BTC was down 15% from Q3 2022 and 30% from Q4 2021 while open interest for ETH was surprisingly more resilient, down less than 10% from Q3 2022 and 25% from Q4 2021.
However, the figure was down by 27% from its previous quarter where the sales stood at $310 million.
Despite the dip, the San Francisco-based firm which pioneered the crypto-enabled cross-border payments known as the ODL expanded its footprint into the French, Swedish, and African markets through new partnerships.
The report also took note of the crypto market turmoil in the Q4 of 2022 where liquidity suffered following the FTX crash.
Companies that develop solutions with practical utility will prevail and endure through the crypto winter as the industry entered a phase of consolidation, the firm noted.
It needs to remind that the fintech powerhouse Ripple has been a buyer of XRP in the secondary market and expects to continue to undertake purchases as ODL continues to gain global momentum.
Total sales by Ripple, net of purchases, ended the quarter at 0.35% of global XRP volume according to CryptoCompare TopTier [CCTT] volumes.
That said, roughly half a billion XRP was transferred In two transactions.
Ripple Lawsuit Impending Judgement triggers Huge transactions
As reported by prominent crypto tracking service Whale Alert, over the period of the last 24 hours, a staggering amount of XRP was transferred by unknown wallets — over 410 million coins.
The aforementioned cryptocurrency tracking platform discovered two XRP transactions- 253,594,773 and 160,000,000 XRP, each worth $103,264,033 and $65,533,398 respectively, were shoveled.
The latest movement has been attributed to the interviews by Ripple Chief Executive Brad Garlinghouse where he stated that the court’s decision regarding the long-running case of the SEC against Ripple is to be delivered this year, probably even during the next few months.