By Franklin Smith
- ODL services contributed to Ripple sales in 2021 Q3.
- The crypto sold XRP worth $491.74 million in this year’s 3rd quarter.
- Nevertheless, XRP had its trading volume falling by 50% at the same time as the alt lost directional bias.
Ripple witnessed its sales surging by 211%, according to the latest 3rd quarter report by the firm. Analysts attribute such growths to the success seen by XRP’s On-Demand Liquidity services.
Ripple’s ODL Services Witnesses Massive Increase
The altcoin’s Q3 report shows that the company sold XRP tokens worth $491.74 million during 2021’s 3rd quarter. That is higher than the $157.92 million recorded in 2021 Q2. The remittance firm has witnessed a massive surge in its ODL service, which utilizes XRP to connect fiat currencies, recording its best quarter. The services stand for almost 25% of the platform’s dollar volume.
Also, ODL utilizes XRP to alleviate pre-funding, unlock global customers’ capital and decrease operational costs. The report showed escrow releasing three billion Ripple’s XRP, aligning with escrow’s official arrangement.
Meanwhile, the service saw little attention in the US despite the company’s ODL surge in Q3. That is due to the lawsuit worth $1.3 billion, filed against Ripple by the SEC. Following the drop in crypto trading volumes in Q3, XRP’s trading volume declined by more than 50% as BTC saw a nearly 33% plummet.
XRP Moves with No Directional Bias
XRP seems ready for sideways actions as the altcoin loses directional bias. Ripple traders lower inside a descending channel on the daily price chart. Moreover, the altcoin might move with these consolidation conditions until XRP slices past the top border of the prevailing chart at $1.14.
The alternative coin has its first defense line at 38.2% FIB retracement near $1.06, then 50-day SMA at $1.05. More foothold might appear at the middle border of the price channel near $1.03, matching with 100-day Simple Moving Average.
XRP/USDT Daily Price Chart
Amplified selling momentum might see XRP bears pushing the alt lower to the 200-day Simple Moving Average at $1.01, then the chart pattern’s lower border at $0.92, corresponding with MRI’s support line. Stay around for more updates.