In the first quarter of the year, after a drop in its sales of XRP tokens. The California-based fintech company Ripple sold more in the second quarter thanks to demand from institutional buyers.
Total sales of Ripple’s XRP ended in the second quarter at USD 32.55M, compared to USD 1.75M in the first quarter. A more than 18x rise, the company said yesterday. This had continued the previously recorded pause in XRP’s so-called “programmatic sales” – meaning basically open market exchange sales. And moved all selling operations to over-the-counter (OTC) markets, instead. The change is part of Ripple ‘s strategy to provide “growing XRP liquidity for RippleNet’s on-demand liquidity (ODL) customers,” the company said. Adding that financial institutions are seeing increased interest in using its solutions:
“More than ever, financial institutions are seeing the value of RippleNet’s ODL service to provide instant. Global payments and meet market demand, especially during times of crisis due to the exposure risk. And increased volatility,” the quarterly report said, adding that ODL accounted for “nearly 20 percent of RippleNet volume” in the second quarter.
“Comparing just H1 2019 with H1 2020, RippleNet experienced 11x year-over-year growth in ODL transaction volume,” the study said.
XRP price has responded positively to the new report which today outperforms many other big cryptoassets.
XRP was up 3.87 percent over the past 24 hours at the time of writing (07:49 UTC), trading at a price of USD 0.3117. Today ‘s gain follows what was a brilliant week for XRP, with a 7-day price increase of more than 40 percent – the third-highest of market capitalization among the top 100 cryptoassets.
OTC sales, however, are much lower than the highs seen in 2019.
XRP’s trading volume estimates have shown a marked decrease in the volume of trading. Across exchanges in the past quarter relative to the first quarter. The average daily volume stood at USD 196M in Q2. Compared to USD 322.7 in Q1 according to the firm’s numbers.