Ripple's XRP sales increased almost 50% in Q2 vs Q1

Crypto payments infrastructure provider Ripple revealed in its second-quarter earnings report on July 28 that it saw a significant increase in the demand for its associated XRP token. The post Ripple's XRP sales increased almost 50% in Q2 vs Q1 appeared first on CryptoSlate.

Timeline of Xrp

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. While the market-wide bloodbath seemingly came to a short-term rest, XRP bulls finally had some breathing room to propel a near-term recovery on the charts.

MicroStrategy CEO, Michael Saylor's recent podcast comments have attracted huge criticism from the global crypto industry leaders and experts. XRP holder's lawyer in the SEC vs Ripple lawsuit has challenged Saylor to clarify his extreme views over the altcoins.

The SEC and Ripple case has reached a frustrating impasse as both sides struggle to hold their ground. Only recently, Ripple Legal filed a motion to thwart the SEC in which they targeted the SEC's unlawful methods.

The downturn that has tormented the crypto markets of late has left a trail of perished ventures in its trail, alongside billions in investor losses due to sharp declines in asset prices.

Ripple's XRP-powered, cross-border payment product has seen massive growth in volume year-on-year (YoY) despite the company's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). In the second quarter of 2022, the payment product called On-Demand Liquidity (ODL) had a 9x growth in volume YoY, according to a new market report from Ripple.

Ripple Labs released its Q2 2022 report highlighting various development aspects, while also highlighting market dynamics affecting its performance. A key highlight of the report was the confirmation of the company's pursuits aimed at tapping into opportunities in the NFT market.

Ripple's general counsel has urged U.S. lawmakers to pass “sensible crypto legislation” amid a Securities and Exchange Commission (SEC) lawsuit over the sale of xrp. “Rather than providing regulatory clarity through rulemaking, the SEC is bullying crypto markets by filing unproven allegations masquerading as regulation,” he opined.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. In the past few days, Bitcoin was able to defend the $20.8k support level and rapidly climbed from those lows to trade at $23.8k at press time.

Ripple's $XRP-powered On-Demand Liquidity (ODL) solution has seen its volume grow 9x year-over-year in the second quarter of the year, and the company has sold a total of $408.9 million worth of the token in the quarter, compared to $273.27 million in Q1.

It was quite a long time where the whole crypto market was in the compleet control of bears. Now, since the start of this week, the market is seeing some positive signs as most of the currencies are trading in green.