In Q3 2020, Ripple pulled in $35.84 million in total XRP sales. This is more than a $3 million increase over the $32.55 million made in Q2.
In Q3 2020, Ripple bought back XRP for the first time. According to Ripple, the reason for the purchase is to support “healthy markets.” The Block noted that by supporting healthy markets with the purchase, Ripple may be referring to drawing more attention to XRP and raising its price.
Ripple and XRP in Q3
Speaking to The Block, a Ripple spokesperson said the company may buy more XRP in the future to support the new Line of Credit beta. Ripple launched the loan product, Line of Credit, during the second quarter to give selected customers access to capital loans in XRP.
The spokesperson added:
“Long-term, Ripple is building new ODL capabilities to dynamically source XRP liquidity from the open market, not just Ripple. ODL-related sales include XRP sales to support ODL (including Line of Credit) and key infrastructure.”
On the 5th of November, Ripple published its markets report for the third quarter. The company said the voluntary quarterly report is for transparency and gives its customers regular updates.
Specifically, the report said the updates would account for quarterly sales and reveal developments over the previous quarter. Ripple also noted that the regular updates would also provide relevant announcements on XRP.
In Q3 2020, Ripple pulled in $35.84 million in total XRP sales. This is more than a $3 million increase over the $32.55 million made in the second quarter. In Q2, Ripple recorded $196.28 million in its average daily volume. Now, the blockchain payment services company has reported $403.58 million in its average daily volume for the third quarter.
Ripple Sets Up Regional Headquarters In Dubai
Recently, Ripple chose Dubai International Financial Centre (DIFC) to set up its regional headquarters. Ripple settled for Dubai amid an unfavorable regulatory framework in the US. Over time, the company has been planning to move to a country that will support its business.
In October, Bloomberg reported that Ripple was considering a potential destination among three countries. At that time, Ripple CEO Brad Garlinghouse mentioned that the blockchain firm may move to the United Arab Emirates (UAE). Apart from the UAE, Garlinghouse also mentioned Switzerland and the United Kingdom.
Also, the CEO expressed his displeasure with the US indecision on digital assets being commodities, currencies, securities, or properties. Garlinghouse noted that Ripple would settle for a location that is healthy and supports the development of cryptocurrencies.
Now, Ripple has chosen DIFC to establish its regional headquarters because of the centre’s “innovative regulations, expansive network, and reputation as a leading global financial centre.”
Ripple managing director for South Asia and the Middle East and North Africa (MENA), Navin Gupta, said that the company already has a “significant” client base in the region. He added that the new regional headquarters would help Ripple to introduce its products to more financial institutions in the region.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.