Ripple Sold $408 Million Worth of XRP in Q2

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Blockchain company Ripple sold $408 million worth of XRP tokens in the second quarter of 2022, according to its latest report. This represents an increase of 49% compared to the previous quarter. The total sale was 0.47% of the worldwide XRP volume.

Ripple attributes the revenue growth to increased adoption of its ODL product. The company claimed it was a “record quarter” for the ODL product as usage of the product expands globally. Year-on-year, the number increased ninefold. In particular, cash flows and bulk payments now account for a larger share of volume, with ODL use cases expanding beyond traditional remittances.

ripple sold million xrp

In December 2020, the company was sued for allegedly illegally selling XRP in the SEC. The well-researched case is expected to be resolved next year. In a statement, Ripple said it would continue to pursue a “speedy resolution” of the lawsuit. The company reiterated that resolving the lawsuit will be important to the entire industry.

Ripple Trading Volume

Total XRP trading volume decreased from $96.83 billion to $78.5 billion in the second quarter. Ripple attributed the decline to “broader macroeconomic indications.” Bitcoin just had its worst quarter in over a decade in terms of prices. Meanwhile, Ethereum had its worst quarter yet. The XRP token remains the sixth largest cryptocurrency by market capitalization, currently trading at $0.53 on the Bitstamp exchange. It’s down 88.85% from its all-time high.

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