Ripple, a crypto payments infrastructure provider, revealed in its second-quarter earnings report on July 28 that demand for its associated XRP token had increased significantly.
Ripple has made significant progress in increasing the utility of its XRP ledger and On-Demand Liquidity (ODL) service.
Year-to-date (YTD) volumes associated with the company’s ODL module have increased 9x year over year, thanks in large part to the various partnerships the company has recently entered into. Ripple, for example, signed a multi-year agreement with Lithuanian money transfer provider FINCI to provide instant and cost-effective retail remittances throughout Eastern Europe.
The expansion of Ripple’s ODL module has resulted in a 50% increase in the sale of the platform’s associated cryptocurrency XRP. The company sold R6.7 billion in XRP during the second quarter, adding to the R4.5 billion it sold in the previous quarter.
However, trade volumes have decreased by 22% quarter on quarter to an average daily volume of R14 billion, down from R18 billion previously. The report’s author stated:
“XRP price and volume have recently declined due to broader macroeconomic cues and idiosyncratic developments affecting the crypto market.”
Ripple recently announced a R1.6 Billion commitment to help spur global carbon removal activities by investing in climate-focused fintech companies and other companies associated with this space.
The funds will also be used to support new functionality and the development of tools that will assist in the tokenization of carbon credits as core NFTs on the XRP Ledger.
Finally, the Ripple Foundation distributed R49.7 million in funding to 36 awardees as part of its XRPL Grants program in Q2 2022.