Ripple Records 49% Spike in XRP Sales On Blooming ODL Demand
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In the report, Ripple attributed the sales to the growing adoption of its On-Demand Liquidity (ODL) product. The company further noted that it was a “record quarter” for the ODL product amid steady expansion globally. That said, ODL volume printed a nine-fold growth on a year-over-year (YoY) basis. The company further explained that treasury flows and bulk payments currently control a significant volume as ODL’s use cases grow beyond traditional remittances.
Ripple Labs came under intense pressure in December 2020 after it was sued by the US Securities and Exchange Commission for allegedly selling billions of dollars worth of unregistered securities. The controversial case is expected to reach a verdict by next year. The company stated in its report that it would remain steadfast in seeking “a speedy resolution” to the case, stressing that the resolution of the lawsuit will influence the entire industry.
Meanwhile, Ripple’s trading volume slumped from $96.8 to $78.5 billion in the second quarter of 2022, as the crypto market continues to battle winter. The company blamed the decline on “broader macroeconomic cues.”
Key Ripple Levels to Watch — July 29
Ripple enjoyed a three-day bullish streak this week, culminating in the cryptocurrency tapping the $0.3800 high. The three-day rally appears to be under threat on Friday, as XRP struggles with correction pressure.
That said, the $0.3800 top holds significant relevance for a near-term bullish recovery for XRP, given that this level has remained unbroken for the past month despite three breach attempts. A continuation of the general bullish recovery in the broader market could fuel a rally past the resistance line, pushing XRP to the $0.4000 figure.
Meanwhile, my resistance levels are $0.3800, $0.4000, and $0.4200, and my support levels are $0.3600, $0.3500, and $0.3400.
Total Market Capitalization: $1.09 trillion
Ripple Market Capitalization: $17.8 billion
Ripple Dominance: 1.63%
Market Rank: #8
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