The latest 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.
According to Ripple’s quarterly report released on August 3, sales of the firm’s XRP token were 18.6 times higher in Q2 2020 compared to Q1. The crypto firm stated XRP sales were $32.55 million from April to June this year, up from $1.75 million in the first quarter.
Ripple said the sales were due to the firm prioritizing over-the-counter (OTC) sales over programmatic ones. This is reportedly part of the effort to provide increased XRP liquidity to RippleNet’s On-Demand Liquidity (ODL) customers. RippleNet had 11 times year-over-year growth in ODL transaction volume from the middle of 2019 to 2020.
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.
CCTT’s reported daily volume for XRP decreased in Q2 2020 from Q1 2019. The average daily volume reported at $196.28 million in Q2 versus $322.66 million in Q1.
XRP’s standard deviation of daily returns over Q2 was 3.0%, representing a decrease in volatility from Q1’s 6.2%. XRP’s volatility over the quarter was lower than that of bitcoin (3.4%), and lower than that of Ethereum (4.2%).
Read more:
- The Lawsuit Against Ripple Claiming The Company Has Violated The Securities Law Has Been Moved From New York To California
- Ripple CTO Discusses Stablecoins, Crypto Used For Cross-Border Payments And Why They Did Not Introduce Smart Contracts On The XRP Ledger