Ripple, the sixth-largest cryptocurrency in the world, has seen significant growth despite its lawsuit with the US Security and Exchange Commission (SEC). The company recently released a favourable third-quarter report.
A Total of 88.8 million Transactions Completed on Ripple’s XRPLedger
According to a recent report published on October 29, Ripple released its quarterly XRP market report, which voluntarily provides transparency regarding the introduction of XRP. In the third quarter of 2021, a total of 88.8 million transactions were executed on the XRP Ledger (XRPL).
The total value of the above transactions is approximately $69.3 billion. Additionally, Ripple outlined the growing popularity of XRPL, adding that several projects around the world address different use cases for XRP Ledger.
In addition, total sales related to ODL rose sharply in the third quarter of 2021. For the past three months, Ripple’s total XRP sales (excluding purchases) were $49,174 million, compared to $15,792 million in the second quarter of 2021.
According to CryptoCompare TopTier (CCTT) trading volume, Ripple’s total XRP sales (excluding purchases) at the end of the third quarter were 26 basis points, which is 0.26% of global XRP trading volume. In addition, the transaction volume on RippleNet has increased by more than 100% since last year.
Ripple emphasises that it sees the significant growth and appeal of ODL. It is using XRP to eliminate pre-financing, reduce operating costs, and free up funds from customers in various areas around the world for the best quarter in history. Traditional Customers like SBI Remit used RippleNet for purely legal currency payments and opened ODL to eliminate the need for pre-funded accounts.
Ripple vs SEC Lawsuit
In December 2020, the US Securities and Exchange Commission filed a lawsuit against Ripple. After the news, XRP fell sharply, losing nearly 60% of its value. Since then, digital assets have grown by almost 400%. In the latest report, Ripple provided the latest developments in the SEC’s litigation against the company, mentioning that the case is currently in the “expert discovery” phase.
Ripple mentioned that in the last quarter, the company reached 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
