Ripple continues building the internet of value as its Q2 2022 XRP Markets Report reveals a 49% XRP sales rise. XRP’s Q2 2022 sales to the tune of $408.9 million accounts for 0.47% of its global volume.
It follows an 800% annual growth of its “On-Demand Liquidity” (ODL) product across markets.
In comparison, in the preceding quarter, the recorded XRP sales stood at $273.27 million. The report states bulk payments and treasury flows claim a lion’s share in total volume, given a rise in the use cases of ODL.
A slew of recent crypto market players collapsed in the ‘crypto winter,’ such as Three Arrows Capital, Celsius, and BlockFi. But Ripple specifically focused on enhancing XRP ledger’s utility plus boosting ODL adoption.
The report states a rise in ODL’s partnerships lately boosting its growth prospects. The Crypto Times earlier reported a Ripple x FINCI ODL partnership opening up the Europe and Mexico payments corridor.
Also Read: Ripple CTO Confirms XRP Ledger’s EVM Sidechain Launch in Q2
Per Ripple, a volume decrease of 22% quarter-on-quarter to a daily average of $862 million is recorded against $1.1 billion.
Ripple notes the Q2 price movement of XRP is affected essentially by “broader macroeconomic cues and idiosyncratic developments.” Technically, XRP, per a Tom DeMark (TD) sequential indicator, is offering a red nine candlestick sell signal. While a bearish retracement to $0.37 is expected for liquidity collection, a bullish $0.45 level might ensue.
If the support level of $0.37 is not held with, a sell-off might trigger a $0.34 level, per the report. Market analysts anticipate a probable correction in XRP’s price now prior to its advancement.
