By Solomon Odunayo
Ripple, the cross-border payment giant released its quarterly report for the second quarter of 2020 a couple of hours ago.
The XRP Markets Report reveals that the On-Demand Liquidity platform experienced a notable growth compared to 2019, as XRP sales increased significantly in the second quarter of 2020.
XRP Sales Increased Significantly In Q2
After hitting a low in the first quarter of the year, the sales of Ripple’s digital token XRP skyrocketed, while RippleNet’s On-Demand Liquidity (ODL) remains as popular as ever.
According to the report published by Ripple on 3rd August 2020, the sales of XRP were 18.6 folds higher in the second quarter compared to the first quarter of 2020.
The blockchain startup revealed that it sold $32.55 million worth of XRP between April and June 2020, a significant increase from $1.75 million worth of XRP that was sold in the first quarter of the year. Ripple continues to face criticism from the XRP community and the crypto sphere at large for propping its balance sheet with XRP sales.
According to the explanation of the reason behind the sales, Ripple prioritizes over-the-counter (OTC) sales over programmatic ones. This is reportedly counted as part of the effort to provide increased XRP liquidity to RippleNet’s On-Demand Liquidity (ODL) customers.
XRP in the Market
Over the past week, the price of the Ripple’s digital currency XRP has rallied 40%. There are suggestions that the digital token may proceed to record new highs if it holds its $0.3 support longer.
Also, the increase in XRP whales has been seen as a catalyst for the present price rally. The surge in the price of XRP has continuously attracted capital investors. At least 30 new whales have joined the community of XRP investors, holding between $240,000 and $2.4 million in XRP, which brings the number of accounts holding more than 1 million of the cryptocurrency to 3.7%.
Meanwhile, Herald Sheets reported that the popular crypto investment firm, Grayscale, doubled its investment in XRP within 24 hours, amidst the price rally that took XRP price beyond $0.3. At the time of writing, XRP is priced at $0.310982, with a 3.80% price increase in the last 24 hours.