Ripple Labs continued with its programmatic XRP monthly sales during the fourth quarter of 2022 despite the ongoing case against the SEC. According to the company’s 2022 Q4 report, they received 3 billion XRPs from the escrow account but returned 2.1 billion units to the escrow contracts.
As such, the company reported the total XRP sales, net of purchases, which were about $226.31 million compared to $310.68 million in the previous quarter.
Notably, the blockchain payment company is facing legal action from the SEC for selling billions of XRP to the secondary market to fund its projects. Perhaps the honorable thing Brad Garlinghouse would do is to return the XRP from the escrow account until the lawsuit is over.
Furthermore, programmatic sales have suppressed XRP prices for years despite the increase in global demand. Nonetheless, the company has made meaningful progress in developing the XRPL including enabling NFTs, and the stablecoin minting procedure.
Ripple (XRP) Market Outlook
During the fourth quarter of 2022, Ripple announced the expansion of the On-Demand Liquidity (ODL) to France, Sweden, and Africa. As such, the company’s crypto-enabled cross-border payments solution is available in nearly 40 payout markets.
At the end of last year, Ripple announced that Peersyst released the first phase of the Ethereum Virtual Machine (EVM) sidechain for the XRP Ledger (XRPL) on Devnet, which allows DeFi applications like Uniswap, Aave, and Compound to easily launch on the XRPL.
Forward, the company anticipates the United States lawmakers to focus on stablecoin regulations following the collapse of Terra Luna’s UST and FTX.
Notably, the company has significantly invested in the CBDC and stablecoins market with several clients at hand including the Royal Monetary Authority (RMA) of Bhutan and the Republic of Palau.
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- Source: https://coinpedia.org/ripple/ripple-defies-sec-with-xrp-sales-reports-226-31-mn-in-q4-2022/