Ripple Records Over 114 Million Transactions on the XRP Ledger in Q2 2022.
Ripple publishes its Q2, 2022 report, showing strong growth.
Leading blockchain company Ripple has published its Q2 2022 financial report. In the report, Ripple shared an update about its quarterly XRP sales and other relevant information related to the blockchain company.
Growing ODL Adoption
Following the growth and adoption of Ripple’s On-Demand Liquidity (ODL), the blockchain company noted that it sold $408.9 million worth of XRP.
In the latest XRP Markets Report, we discuss the crypto credit crisis, #ODL growth in new markets and major brands betting on XRPL in Q2’22.https://t.co/Sn2e6eCbqq
— Ripple (@Ripple) July 29, 2022
The volume of XRP sold in Q2 2022 surpassed the $273.27 million recorded in the previous quarter, Ripple stated.
“XRP sales by Ripple, net of purchases, were $408.9M vs. $273.27M USD the previous quarter.”
Ripple further notes:
“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,” an excerpt from Ripple’s Q2, 2022 financial report reads.
The blockchain company reported that it conducted XRP purchases from the secondary market following a recent ODL adoption surge.
Per Ripple, it will continue to purchase XRP from the secondary market as the demand for ODL continues to gain momentum.
Ripple’s XRP sales in connection to ODL adoption account for only 0.47% of the global XRP volume for Q2 2022, CryptoCompare TopTier (CCTT) volumes suggest.
Ripple Volume
Meanwhile, the massive cryptocurrency market crash also impacted XRP transaction volume. The price of XRP and transaction volumes took a major hit following a series of political and macroeconomic events. Ripple’s Q2 volume declined 22% on QoQ.
“Volumes have declined 22% QoQ to an ADV of $862M down from $1.1B.”
Escrow
Aside from Ripple’s transaction volume, the blockchain company also provided insight about its monthly token unlock. In Q2 2022, Ripple unlocked 3 billion XRP for three months but returned 2.3 billion XRP to its escrow account later. The remaining tokens were used to cater to the company’s day-to-day expenses.
Jed McCaleb Sold All His XRP
As reported by The Crypto Basic and mentioned in the ripple report Jed McCaleb, co-founder of Ripple Labs, sold his 9B XRP in 8 years.
Q2 XRP Transactions
According to Ripple, a total of 114.6 million transactions were recorded on the XRP Ledger (XRPL) in Q2 2022. A total volume of 126.5 billion XRP, worth $58.3 billion, was traded.
“The community continued to create and advance more projects and apps to address a variety of use cases,” Ripple added.
Carbon Markets
Additionally, Ripple committed $100 million to carbon markets. The funds will be used to support global carbon removal activities.
As reported by TheCryptoBasic, Malaysia-based cross-border payment hub Tranglo tapped Ripple’s ODL to facilitate payments across 25 corridors, including Singapore, the United Kingdom, UAE, etc.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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