By Richard Hines
Blockchain-based virtual transaction network and parent company of $XRP Ripple has disclosed large XRP figures on third-party smart contracts in its third quarter statement.
Ripples Q3 Report and Allocation
Ripple continues to hold on to the idea that quarterly reports help to reflect the transparency employed in the company’s interaction with the market, as explained on its 2022 Q3 report published on October 27, 2022.
The company also believes that effective communication and regular update is the way to go for a responsible service operation and advises others in the crypto space to adopt similar policy to help gain trust.
With another year of commitment to its financial statement reveal period, the protocol has sent in its 2022 third-quarter estimation records.
The records revealed that about 3 billion XRP was sent from the digital currency third-party smart contract account between the months of July to September.
Nonetheless, in order to conform to planned guidelines for an assured likelihood of XRP supply flow in the market, the protocol made moves to put back a substantial portion of it. Exactly 2.1 billion XRP tokens were reported to have been returned. This somehow reflects the demand defect of XRP alongside other digital currencies in the market.
Only an extra 900 million XRP tokens have been released into the market through diverse platforms.
Intriguing Observations from the Released Q3 Records
Data from the third quarter record also showed that the utilization of RippleNet as well as the On Demand liquidity technical setup experienced a substantial increase. Ripples sell both technical products -RippleNet and On-Demand Liquidity to associates.
On-Demand liquidity trades was documented to have gone up by 130% when compared to the preceding quarter’s data, accounting for over 25% of the total XRP realization.
Ripples is not left out of the heat of the volatile nature of the market which is perceived to be a reaction of macro economic issues.
However, a significant growth from its leveraged ODL is partly credited to the protocol’s business expansion pattern which is helping to strengthen its partner network currently functioning in over 20 global regions. Ripple has commenced an alliance with Travelex for the introduction of ODL in brazil.