Blockchain company Ripple sold $408 million worth of XRP tokens in Q2 2022, a 49% increase from the previous quarter.
Total sales account for 0.47% of the global XRP volume. Ripple attributes the sales growth to the growing adoption of its ODL (On-Demand Liquidity) product.
The company stated that it was a “record quarter” for the ODL product as usage continued to expand globally while volume recorded a nine-fold growth year-on-year.
Notably, cash flows and mass payments now account for a larger share, with ODL’s use cases moving beyond traditional remittances. In December 2020, the company was sued by the US Securities and Exchange Commission (SEC) for allegedly selling securities (specifically XRP) illegally. The case is expected to be resolved next year.
Ripple said it would continue pushing for “a speedy resolution” to end the lawsuit in the report. The company again stressed that the lawsuit – once resolved – will have significant implications for the entire industry.
XRP’s total trading volume fell from $96.83 billion to $78.5 billion in the second quarter.
XRP remains the sixth largest cryptocurrency by market capitalization, currently trading at $0.37. It is down 90% from its record high.
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