This site uses cookies. Browsing the site, you agree to the use of cookies. If you need more information, please visit the Cookies Policy page
Subscribe
Прямой эфир
Cryptocurrencies: 3812 / Markets: 22519
Market Cap: $ 250 171 966 574 / 24h Vol: $ 101 378 308 030 / BTC Dominance: 65.4875%

Н News

Ripple’s XRP Sales Fall to $1.75M as ODL Network Volume Triples

528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy83NTEwNTE1MDliNTViNTJjOTk5NmMzN2E3ZTEwNWZmNy5qcGc=.jpg

The XRP Markets Report for Q1 2020 shows the On-Demand Liquidity network is more popular than ever, while Ripple’s XRP sales have hit a new low.

Ripple’s On-Demand Liquidity (ODL) payments network tripled in transaction volume over the last quarter according to the just released Q1 2020 XRP Markets Report.

The dollar value transacted using ODL increased by more than 294%, which is good news for token holders with the report describing XRP liquidity as the “lifeblood of Ripple’s [ODL] for cross-border payments.”

In further good news, Ripple has again reduced its total XRP sales from $13.08 million in Q4 2019 to $1.75 million in Q1 2020. The company had been criticised for propping up its balance sheet with XRP sales. The report also notes the token was integrated into “a number of additional exchanges and liquidity instruments.” 

ODL increased by money transfer services

The report attributes part of the increase in ODL to cost-saving measures implemented by the network which eliminate the need to pre-fund international accounts. It highlights the partnership between Ripple and UK-based digital money transfer service Azimo as an example:

“Azimo launched its service to send payments to the Philippines and, within a few months, ODL saved the company 30%-50% when arranging currency transfers between customers in the Philippines and those in the UK and Europe.”

Numerous other transfer services worldwide use RippleNet’s ODL product including U.K.-based financial software firm Finastra, South Korean money transfer service providers Sentbe and Hanpass, and mobile and online based cross-border remittance services firm WireBarley.

Daily volume increases

XRP’s volatility doubled, from 3.1% in the final quarter of 2019 to 6.2% in Q1 of 2020. According to the report, “XRP’s volatility over the quarter was higher than that of BTC (5.8%), and lower than that of ETH (7.3%).”

Daily volume increased overall from $187.34 million in Q4 of 2019 to $322.66 million in Q1.

Correlation with other coins approached 100%

After looking as if it may pull away from a correlation with other major tokens like Bitcoin (BTC), Ethereum (ETH), and Bitcoin SV (BSV), XRP spiked towards a 100% correlation following the major crypto downturn in March. 

Source: Q1 2020 XRP Markets Report

3 billion XRP released from escrow

Those monitoring XRP whale activity may have noticed Ripple releases one billion coins every month, usually half at the first of the month:

🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (105,615,284 USD) unlocked from escrow at Ripple Escrow wallet

Tx: https://t.co/tRata3IUYM

— Whale Alert (@whale_alert) May 1, 2020

The report notes that across Q1 2020, 3 billion XRP tokens were released out of escrow. However, 2.7 billion of these were “returned and subsequently put into new escrow contracts”.

Source

comments powered by Disqus