While the case against the SEC is still ongoing, Ripple Labs continues its programmatic monthly XRP sales in the fourth quarter of 2022. According to the company’s Q4 2022 report, they received 3 billion XRP from the escrow account, but returned 2.1 billion units to the escrow contract.
As a result, the company reported total XRP sales (net of purchases) of approximately $226.31 million, compared to $310.68 million in the previous quarter.
Notably, the blockchain payments company is facing legal action from the SEC for selling billions of Ripple coins to the secondary market to fund its project. Maybe the honorable thing Brad Garlinghouse will do is return the XRP from the escrow account until the lawsuit is over.
Additionally, programmatic sales have depressed XRP prices for years despite increased global demand. Nonetheless, the company has made meaningful progress in developing XRPL, including enabling NFT and stablecoin minting programs.
Ripple (XRP) Market Outlook
In Q4 2022, Ripple announced the expansion of On-Demand Liquidity (ODL) to France, Sweden and Africa. As a result, the company’s cryptocurrency-enabled cross-border payment solutions are available in nearly 40 payment markets.
Late last year, Ripple announced that Peersyst released the first phase of an Ethereum Virtual Machine (EVM) sidechain for XRP Ledger (XRPL) on Devnet, making it easy for DeFi applications such as Uniswap, Aave, and Compound to launch on Devnet. start up. XRPL.
Looking ahead, the firm expects U.S. lawmakers to focus on stablecoin regulations following the debacles of Terra Luna’s UST and FTX.
Notably, the company has invested heavily in the CBDC and stablecoin markets, and has several clients on hand, including the Royal Monetary Authority of Bhutan (RMA) and the Republic of Palau.