Blockchain company Ripple sold a whopping $408 million worth of XRP in the second quarter, with the ODL product experiencing growing popularity
Blockchain company Ripple sold $408 million worth of XRP tokens in the second quarter of 2022, according to its most recent report. This marks a 49% increase compared to the previous quarter. Total sales accounted for 0.47% of the global XRP volume.
Ripple has attributed the growth in sales to the increasing adoption of its “On-Demand Liquidity” product. The company claims that it was a “record quarter” for the ODL product as the product’s use continues to expand around the globe. Its volume recorded a nine-fold growth on a year-over-year basis. Notably, treasury flows and bulk payments now account for a bigger share of volume, with ODL’s use cases expanding beyond traditional remittances.
In December 2020, the company was sued over allegedly illegal XRP sales by the U.S. Securities and Exchange Commission. The closely watched case is expected to be resolved next year. In its report, Ripple says that it will continue pushing hard for “a speedy resolution” of the lawsuit. The company has once again stressed that the resolution of the lawsuit will be important for the entire industry.
XRP’s total trading volume has slumped from $96.83 billion to $78.5 billion in the second quarter. Ripple attributes the decline to “broader macroeconomic cues.” Bitcoin recently recorded its worst quarter in more than a decade price-wise. Meanwhile, Ethereum logged its worst quarter to date.
The XRP token remains the sixth biggest cryptocurrency by market capitalization, currently trading at $0.53 on the Bitstamp exchange. It is down 88.85% from its record high.