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.
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.