Blockchain payments company Ripple released its Q2 report on Friday. It showed impressive growth in transactions and On-Demand Liquidity (ODL) volume, despite the recent crash of the cryptocurrency market.
Ripple records amazing growth
ripple so let me know that the second quarter of 2022 was a record quarter for its on-demand liquidity. ODL volume expanded significantly, resulting in a ninefold increase in volume year-on-year. ODL is a liquidity platform that uses XRP tokens to enable low-cost cross-border payments on the RippleNet. Ripple said the bulk of its volume in the second quarter came from cash flows and bulk payments.
Ripple Labs also mentioned that it sold $408.9 million XRP tokens through its ODL services in the past quarter. This is a lot more compared to the $273 million XRPs it sold in the first quarter of the year. The report states that the amount of XRP sold during the second quarter is equivalent to approximately 0.47% of global XRP volume. Ultimately, the increase in XRP sales is due to the growth and adoption of ODL.
“Ripple has continued to make sales solely related to ODL. These volumes have increased significantly as Ripple’s ODL business has expanded globally.”
Ripple also experienced a huge increase in the number of transactions. According to the report, trades on the XRP Ledger rose to approximately 114.6 million.
XRP price is falling
Despite the growth of the ODL business, the price and trading volume of the XRP token has declined in recent months. XRP volume declined 22% this quarter, from an average daily volume of $1.1 billion to $862 million. However, this probably has to do with the collapse of the crypto market.
At the time of writing, it was up more than 5% in the past 24 hours to reach $0.374. The market capitalization is $17.9 billion.
