Ripple’s Q2 Report Shows 50% Increase in Sold XRP

The blockchain company – Ripple – announced that it had a successful second quarter of 2022 since it inked numerous strategic partnerships and expanded the use of its On-Demand Liquidity (ODL). Moreover, the firm sold $408.9 million worth of XRP compared to the $273.27 million in Q1.

Ripple’s Progress in Q2

The entity’s quarterly XRP Markets Report outlined the ongoing issues in the cryptocurrency market. In the last few months, multiple projects such as Terra, Three Arrows Capital, Celsius, and BlockFi collapsed, which caused uncertainty and investor outflow. As a result, exchanges like Gemini, CryptoCom, Coinbase, Bybit, and others dismissed a chunk of their staff.

Despite the adverse events, Ripple’s performance in Q2 has been quite successful, the report said. In May, the organization shook hands with Lithuania’s FINCI to provide retail remittances and business-to-business (B2B) settlements via its On-Demand Liquidity (ODL).

A few days ago, the blockchain company inked another partnership – this time with the Singaporean fintech firm FOMO Pay. Per the agreement, the latter will utilize Ripple’s ODL technology to achieve low-cost and swift cross-border payments in two of the leading fiat currencies: the dollar (USD) and the euro (EUR).

It is also worth observing how the entity managed its native token holdings during the second quarter of the year. Per the report, it parted with over $408.9 million worth of XRP, considerably more than the $273.27 million sold in Q1.

In addition, Ripple continued to support a green environmental future by committing $100 million to accelerate carbon removal activity. The financing will support developer tools that enable carbon credit tokenization, such as non-fungible tokens (NFTs) on the XRP Ledger.

The CEO is Optimistic About Crypto’s Future

Last month, Brad Garlinghouse – Chief Executive Officer of the company – predicted that the current crypto winter will not last forever:

“If you recently joined the industry and haven’t seen a downturn like this, know that this too shall pass (advice from someone who’s seen a few downturns over the years).”

To prove his point, he outlined previous bear markets that reigned over in the recent past, including the Dot Com bubble in the late 1990s and the 2018 digital asset winter. Prominent companies like Amazon, eBay, and Booking survived the crash last century and now stand as giants in their fields. For its part, bitcoin overcame the turbulence four years ago, reaching its peak levels in 2021.

Leave a Reply

Your email address will not be published.