Ripply continues to increase the number of XRP tokens as demand for their On-Demand Liquidity service rises. In the new quarterly report Ripple reported that XRP sales were up about 50 percent in the past quarter. This increase was mainly attributed to the enormous demand for the On-Demand Liquidity (ODL) service.
800 percent growth
If we are to believe Ripple’s figures, ODL has grown by 800 percent compared to the second quarter of 2021. These are impressive numbers that show that Ripple is anything but a dead project. An important catalyst for this growth seems to be the cooperation with the Lithuanian FINCI. This is a party that aims to provide instant and cheap wire transfers for the retail public.
Apparently Ripple’s technology is the ideal tool for this. With the worldwide expansion of ODL, the sales of XRP have also increased significantly. In the second quarter of 2022, Ripple sold $408.9 million worth of XRP. A significant increase from last quarter’s $273.27 million in XRP.
Burden of macroeconomic conditions
Ripple says that in the second quarter it was mainly affected by the macroeconomic conditions. Despite that, the token has been doing quite well in recent weeks and has broken through an important zone of resistance. If XRP manages to maintain that bullish momentum, it has the potential to rise further. It currently stands at a plus of 9.69 percent for the past week.
Measured over the past 24 hours, it is only slightly less with XRP and writes a minus of 2.32 percent. At the current rate of $0.3829, the project is still ranked 6th on CoinMarketCap and is competing in the industry’s largest projects. In addition, the increase in activity on the platform shows that the project is still far from finished and certainly has the potential to grow into something beautiful.