Blockchain giant Ripple recently released its second quarter report. Important parts of the report continue to attract attention. As ODL (On-Demand Liquidity) adoption grows, Ripple said it will continue to buy its altcoin XRP from secondary markets. Here are the details…
Blockchain giant Ripple will collect XRP from the secondary market
Leading blockchain company Ripple announced in its recently released Q2 2022 financial report that it is repurchasing XRP from the secondary market. The blockchain company stated that the purpose of the XRP buyback attempt is to sell the purchased crypto asset to On-Demand Liquidity (ODL) businesses. According to Ripple, ODL solution adoption grew tremendously in the previous quarter. According to the report, ODL volume increased 9 times compared to the previous year.
ODL customers use the solution from local remittances and individual payments to bulk payments and treasury flows. As Kriptokoin.com, we can define ODL as “liquidity on demand” as we have mentioned in our news. The following statements are used in Ripple’s Q2 2022 financial report:
Ripple has become an XRP buyer on the secondary market. ODL hopes to continue to buy at market prices in the future as it continues to gain global momentum.
Ripple ODL sales in the second quarter of 2022
On-demand liquidity volume increased 9 times in the second quarter of 2022. In the second quarter of 2022 alone, Ripple sold $408.9 million worth of XRP to its ODL customers, up from the $273.27 million XRP sold in the previous quarter. Total XRP sales by Ripple to ODL customers in the second quarter of 2022 represented 0.47 percent of global XRP volume in the quarter. Meanwhile, Ripple’s plan to continue purchasing XRP from the secondary market to serve ODL clients has raised concerns among XRP investors.
Ripple took part in a community development project
Meanwhile, Ripple stated that it has recently participated in a community development project that will benefit Oakland residents. The company wrote in a recent blog post, “Stephen & Ayesha Curry’s Eat. learn. Play. He said he was a partner with the Foundation. According to the announcement, the partnership; It led to the development of a playground and community garden in the Bay Area community of Oakland, California. The project provides a space to help people stay active, network and ultimately form social bonds that will bring members of the community together.
According to Ripple, the community project will benefit more than 100 Oakland youth and their families for many years to come. The announcement, meanwhile, comes after California congressman Representative Brad Sherman stated that the lawsuit between the U.S. Securities and Exchange Commission and Ripple would be settled in favor of the SEC. The congressman said he is confident that Ripple’s cryptocurrency XRP is a security. He also urged the SEC to restrict exchanges that facilitate XRP trading.
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