Ripple has published the quarterly XRP Markets Report showing a massive 300% increase in sales.
It seems that the price of XRP hasn’t reacted to the news just yet.
The newest quarterly report shows many statistics in favor of XRP during Q3 2020 compared to the last quarter. The reported daily volume has increased from an average of $196.28 million daily in Q2 to $403.58 million in Q3.
The report also states that XRP is used as a bridge currency instead of BTC or ETH. The chart above shows transfers of $10,000 or above equivalent in BTC, ETH, and XRP from Binance to Coinbase, indicating that XRP is mostly used to withdraw as it is faster.
XRP is extremely energy efficient by design, with transactions settling without the enormous energy costs associated with proof-of-work mining required by other blockchain based transactions. In fact, for every 1 million transactions, BTC uses power equivalent to 4.51 billion lightbulb hours compared to XRP, which uses power equivalent to 79,000 lightbulb hours. This means that the energy consumption of XRP is 57,000x more efficient than BTC.