XRP Price Up 60% YTD as Ripple Q2 Report Signals Major Growth

San Francisco-based Ripple has just released its quarterly report indicating that token sales, and it’s on-demand liquidity platform (ODL), RippleNet, have shown solid growth in Q2. The company said that it sold $32.55 million of XRP during Q2 2020, a 1,760% jump over the first quarter’s terrible sales figures, or $1.75 million.

Ripple’s Q2 Report

Ripple has been repeatedly criticized for propping up its balance sheet with sales of XRP, which claims to be ‘decentralized.’ It added that it had paused ‘programmatic sales’ focusing solely on its over-the-counter (OTC) sales to provide increased XRP liquidity to RippleNet clients.

The report added that RippleNet had 11 times year-on-year growth in ODL transaction volume from mid-2019 to the middle of 2020. The fintech firm stated;

“More than ever, financial institutions are seeing the value of RippleNet’s ODL service to provide instant, global payments and meet market demand, especially during times of crisis due to the exposed risk and increased volatility.”

However, the daily volume for XRP decreased in Q2 this year from Q1 2019, with the average daily volume at $196.28 million in Q2 versus $322.66 million in Q1 the previous year. From April to June, three billion XRP was released out of escrow, and 2.6 billion XRP was returned to new escrow contracts.

XRP Price Update

In its sharpest spike of the year, XRP prices have returned to the $0.30 level over the past fortnight. It topped out at $0.32 over the weekend as crypto markets hit their 2020 highs. The cross border payments token has yet to top its February high of $0.35, however.

XRP price
Chart by CoinMarketCap

Since the beginning of July, XRP has made an impressive 75%, and so far this year, it is up 60%. The XRP army reveled in the performance of the token, which has been mostly inactive since the 2017 crypto boom propelled it over $3. Ripple advocate, Alex Cobb, congratulated those that bought the dip and accumulated.

The move has enabled XRP to flip Tether and retake the third place on the market cap charts with $14 billion. It is still a long way away from second-placed Ethereum, however, which has also been on a tear as the ETH 2.0 final testnet gets underway.

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