KEY POINTS

  • Ripple marked a 50% surge in XRP sales in Q2 2022
  • The firm  saw volume decline by 22% quarter-to-quarter
  • Ripple also noted an 800% surge in ODL volume

Remittance network Ripple has sold more than $400 million worth of XRP in the second quarter of 2022, emphasizing on the surge in demand for the XRP token and its On-Demand Liquidity (ODL) service.

According to the Ripple Q2 markets report released last week, the firm sold XRP worth $408.9 million which is a substantial increase from the first quarter sales which amounted to $273.23 million. As per the report, 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."

OLD service allows customers to leverage the digital asset XRP and facilitate cross-border payments via RippleNet, the cross-border payment network. The U.S.-based firm confirmed that ODL was a major reason why the firm completed Q2 on an optimistic note despite the crypto market downturn.

The volume of Ripple's ODL has witnessed an 800% year-to-year growth which the firm attributed to the rising number of partnerships with government authorities and private firms. Ripple recently partnered with Lithuanian money transfer provider FINCI to deliver quick and low-cost remittances.

Additionally, Ripple also partnered with FOMO Pay, a Singapore-based payment solution provider, and the latter will use ODL to facilitate cross-border payments.

Owing to similar partnerships, the sale of XRP rose by around 50% in the second quarter of 2022 but on the other hand, the volumes declined by 22% quarter-to-quarter to an average daily volume of $862 million, down from $1.1 billion in the last quarter.

Moreover, the report stated that XRP's performance in 2022 was influenced by "broader macroeconomic cues and idiosyncratic developments."

According to data from CoinMarketCap, the XRP token is ranked as the sixth biggest cryptocurrency in the market while the price of the token jumped nearly 10% in the last seven days. Also, the month of July ended on a bullish note for XRP as the token soared nearly 15% compared to June.

Ripple is a crypto currency rival to the likes of bitcoin and ethereum -- but regulators are turning the screw
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