XRP records an ADV decline of 22% in Q2 2022 as unfavourable macroeconomic conditions persist

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.

Timeline of Xrp

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.

Ripple (XRP) has walked the last mile after it waded lows at $0.326 and surged by 16% in the last 48 hours. While everything is looking green and bullish, XRP is still faced with the $0.381 resistance, and if the coin fails to shoot over that means a correction is looming.

The US Securities and Exchange Commission (SEC) has been actively working to set regulations over the digital asset industry. However, this process has invited huge criticism from market leaders and experts.

Blockchain payment company Ripple released its Q2 financial report on Friday, detailing an impressive growth in transactions and On-Demand Liquidity (ODL) volume, despite the recent crash of the cryptocurrency market.

A U.S. judge recently quashed the Securities and Exchange Commission's (SEC) request to block XRP holders from aiding in Ripple's defence and prohibit attorney John E. Deaton from further participating in the proceedings.