The latest Q1 2020 Report by Ripple Labs Inc. has shown that RippleNet saw 11x year-over-year growth in On-Demand Liquidity (ODL) transaction volume in H1 2020 compared to the volume recorded in H1 2019.
As seen in the report, Q2 2020 was awesome for Ripple’s ODL, a cross-border payment innovation that makes use of XRP token, accounting for around 20% of RippleNet volume.
The RippleNet’s ODL service offers an instant payment service and has been one of the most sought after cross-border payment solution, especially this time that COVID-19 pandemic has been ravaging the world.
Ripple says ODL saw a huge usage and integration during the second quarter of 2020, which helped in the adoption of XRP. During this period, Binance launched its XRP exchange-traded options contracts.
In the same vein, the first regulated crypto bank Sygnum Bank announced support for XRP, followed by Zero Hash that integrated XRP on its settlement platform.
Interestingly, one of the largest telecommunications providers in the whole of Europe, Swisscom Blockchain, now supports XRP on its DAPPI platform, giving enterprises access to XRP Ledger. As well, Uphold, a popular mobile payment platform, integrated XRP into its wallet.
Although XRP finished the Q2 2020 as the forth coin on CoinMarketCap, the XRPL perfected more than 85 million transactions, with the ledger seeing $20,138 in total transaction fees.
During this quarter, Ripple’s investment arm Xpring, developed the PayID with joint partnerships from close to 50 companies across the world. PayID was designed to abolish account numbers.
Ripple Sold a Whopping $32.55 million in Q2 2020
For quite some time now, Ripple has reduced the amount of XRP it sells out as investors and lovers of the cryptocurrency lodged complaints that incessant sales of XRP were affecting the market value of the cryptocurrency. However, the latest market report from the Silicon Valley company confirms otherwise, the company says it is focusing on over-the-counter (OTC) sales of XRP.
According to the Q2 2020 report, Ripple sold out a sum of $32.55 million in the second quarter of the year, compared to the $1.75 million it sold out in Q1 2020.
Nevertheless, the remittance-oriented blockchain company says by focusing on OTC, it is offering RippleNet’s ODL customers increased XRP liquidity. This, Ripple believes would help extend its ODL into new corridors.
Ripple continues to be a buyer in the secondary market, and it is pumping additional liquidity into the XRP market, as more and more financial institutions are queued for the deployment RippleNet’s ODL service.
Compared to the first quarter of the year, OTC surged greatly in Q2 2020. OTC sales in Q2 presented a figure of 18 bps of CryptoCompare TopTier volumes whereas, 0.60 bps of CryptoCompare TopTier record was presented in the first quarter.