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HomeNewsXRP Demand Surges: Ripple Inks 80 Institutional Sales Contracts Despite Legal Battle

XRP Demand Surges: Ripple Inks 80 Institutional Sales Contracts Despite Legal Battle

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  • Ripple has obtained 80 institutional contracts in spite of SEC action, indicating strong institutional confidence in XRP.
  • The fact that Ripple’s post-lawsuit XRP sales revenue from 2021 to 2023 surpassed the total revenue of the seven years prior demonstrates financial stability.

Crypto enthusiast Zach Rector has maintained an interest in Ripple’s XRP token despite the company’s ongoing legal battle with the US SEC. Despite the dispute, institutional investors utilize XRP to speed up international financial transactions.

Institutional Acceptance Persists

In December 2020, the SEC sued the company for conducting unregistered securities offerings through its XRP sales. Ripple persevered and won 80 institutional contracts.

Contrary to expectations that litigation would impede Ripple’s financial growth, the company has seen a significant increase in XRP sales revenue.

Between 2021 and 2023, this source of income substantially surpassed the sum of all revenues received from 2014 to 2020. The precise post-lawsuit numbers are yet unknown, awaiting a request for sealing from all parties concerned.

Wide-ranging XRP Holdings of Ripple

With an amazing 45.77 billion XRP at the end of 2023, Ripple is the leading XRP custodian, even though XRP is widely distributed through its On-Demand Liquidity (ODL) products, as formerly reported by ETHNews.

The SEC has highlighted these transactions in the context of its legal action, which has helped to support its proposal that Ripple pay a substantial $2 billion fine for the alleged infractions.

Supply Chain Strategy

In order to meet the growing demand from institutions, Ripple carefully watches over its holdings of XRP. One billion XRP tokens are released from escrow each month; of those, 800 million are re-escrowed, and the remaining 200 million are distributed to ODL clients’ needs.

Ripple is actively buying and selling XRP, which is another indication of its market activity, per its Q1 2023 financial disclosures.

Meanwhile, the XRP price has increased by 0.01% and 2.45% over the last 24 hours and 7 days, reaching $0,6221.

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Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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