Ripple records 9x increase in ODL volume, with $408 million XRP sold in Q2

Ripple records 9x increase in ODL volume, with $408 million XRP sold in Q2

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  • Ripple ODL volume increased 9x YoY during the last quarter of 2022.
  • In Q2, the blockchain company sold over $408 million in XRP tokens.
  • However, both the price and volume of the XRP declined amid certain market factors.

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. 

XRP 1D graph coinmarketcap 2
XRP 1D graph coinmarketcap 2

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.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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