Market Report for Ripple Q2 2022 Displays Growing Adoption of ODL Products

In its most recent Q2 2022 report, the blockchain corporation Ripple discussed a wide range of topics, including ODL usage and XRP token sales.

Recently, Ripple published its Q2 2022 financial report, which shows that during that period, the business sold XRP tokens valued at $408 million. Even though sales made just 0.47 percent of the total amount of XRP traded globally, this statistic represents a startling growth over the previous quarter.

XRP’s overall trading volume decreased from $96.83 billion in the first quarter to $78.5 billion in the second, despite the quarter-over-quarter growth in revenues. Ripple attributes the fall to a number of current market-turbulent macroeconomic issues. As stated in the report:

“Macroeconomic headwinds and the crypto credit crisis prolonged the decline of the digital asset markets in Q2 2022, resulting in a loss of an extra $1T in market value. The threat of unchecked inflation and the intensifying impacts of the conflict in Ukraine sparked a widespread sell-off in a variety of tradable assets.

Significant declines in the cost of Ethereum and Bitcoin (BTC) were also seen during this time period (ETH). It was the worst quarter for both cryptocurrencies in a while.

In addition, Ripple noted that a number of asset correlations had reached record highs as a result of market underperformance. The blockchain company claims that “panic and anxiety probably propelled numerous asset correlations to record highs with murmurs of an imminent recession. BTC’s 30-day correlation with the S&P 500 reached a new 4-year high of 82 percent during this time, smashing prior highs of 77 percent, according to statistics from Skew.com.

Despite external characteristics that are mostly adverse, XRP is still the sixth-largest cryptocurrency by market capitalization. The value of the virtual currency is at $0.53 on the Bitstamp market, 88.85% below its all-time high.

Key Takeaways from the Q2 2022 Report on Ripple’s Growing ODL Adoption and NFT Development
The rising popularity of its “On-Demand Liquidity” (ODL) product, according to Ripple, is the reason for the increase of XRP in Q2 2022. ODL products had a record quarter, according to the blockchain business, as a consequence of increased use globally. On a year-over-year (YoY) basis, the product’s volume increased nine times. In addition, as things stand, treasury flows and bulk payments now make up a larger portion of traffic, partly due to ODL’s expanded use cases.

Numerous more market sectors were included in the most recent Ripple industry research. One of them is the relationship between the NFT space and its own XRP Ledger (XRPL). Ripple claims that even though the NFT market saw a slowdown along with other crypto marketplaces, its overall volume still exceeded $12 billion. The business said that French luxury fashion label Balmain planned to work with MINTNFT and offer the first fashion NFTs using XRPL. The project is Balmain’s first excursion into the metaverse as a brand.

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