By Michael Scott
Ripple admitted witnessing increased demand for the liquidity product as the firm’s operations grew to 40 countries. The firm’s XRP market performance revealed increased activity in Q4.
Scaled Performance in Quarter 4
The fintech firm specializes in centralized operations and restated its objective of erecting global payment products compatible with the decentralized XRP payment system. Although XRP is distinct from Ripple, the fintech company leverages the XRP blockchain to power its products.
The payment provider disclosed executing over 106 transactions within the XRP ledger. An assessment of activities within the decentralized blockchain showed that over 228,000 user wallets were created. The report portrayed that the firm scaled XRP sales via on-demand liquidity (ODL) transactions. The revelation portrayed XRP’s addition made the firm realize continued growth in quarter 4 in what became the strongest year for Ripple.
Ripple’s Solid Performance Observable in 2022
The assessment of 2022 performance saw the fintech company wrap up the year strongly. The solid performance arose from integrating crypto utility. The report showed that scaling the ODL-based products exceeded the initial forecast.
The report detailed RippleNet’s growth and contributed towards the strong Q4 performance navigating the market slowdown. In particular, Ripple recorded the highest demand from the existing customer base, supplemented by new users embracing the ODL.
The firm confirmed that its crypto-powered payment product expanded in over 40 payout markets, unlike in 2020, where Ripple operated in a meager three markets. Since its establishment in 2018, ODL aids the Ripple community in instant remittances globally without involving correspondent banking. The process takes a shorter period while avoiding the high fees incurred in traditional remittance approaches.
Optimism in Increased Investment Activity
Ripple’s report expressed the decline in sports markets, with daily volumes averaging $700 million from the $1.1 billion recorded in 2022 Q1. Nonetheless, the report portrayed optimism in restored investment activity targeting the rollout of tools facilitating self-custody, trading, and payments.
Although the markets may retain the fragmentation, the sector could witness huge investments oriented towards reinforcing the crypto primitives. The report bet on expanded scope in custodial services, DEXs, instant payments, and cross-chain utilization.