Blockchain payment company Ripple released its Q2 financial report on Friday, detailing an impressive growth in transactions and On-Demand Liquidity (ODL) volume, despite the recent crash of the cryptocurrency market.
Ripple’s ODL increased 9x
Ripple said Q2 2022 was a record quarter for its On-Demand Liquidity further expanded beyond payment and traditional remittance services, thereby raising the volume by up to 9x year-over-year. ODL is a liquidity platform that leverages XRP to facilitate low-cost cross-border payments on RippleNet. Ripple said most of the volume in Q2 came from treasury flows and bulk payments.
The company also mentioned that it sold $408.9 million XRP tokens in the past quarter via its ODL services, compared to the $273 million XRPs it sold in Q1 of the year. The report reads that the amount of XRP sold during Q2 equates to about 0.47% of XRP’s global volume. Ultimately, the increase in XRP sales attributes to the growth and adoption of ODL.
“Ripple has continued to engage in sales solely related to ODL and these volumes have ramped up substantially as Ripple’s ODL business expanded globally.”
Ripple also noted a massive increase in transaction counts. Per the report, the transactions on the XRP Ledger also increased to about 114.6 million, which accounted for $58.3 billion or 126.5 billion XRP in volume.
XRP price, volume takes a hit
Despite the ODL’s growth, the price of XRP and daily traded volume took a hit amid the bearish state of cryptocurrency and the broader assets market. XRP volume dropped by 22% QoQ, from an average daily volume of $1.1 billion to $862 million, per the report.
During the time of writing, XRP was up over 4% to $0.371 in the 24hrs time frame. The market capitalization was at $17.9 billion from a circulating supply of 48.34 billion XRP tokens.