HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Ripple’s XRP On-Demand Liquidity Volume More Than Doubled In Q1 2020

Altcoins 2020/05/01 22:04 by Marco Tulio
XRP Fell Off In 2020's First Quarter, Can Q2 Bolster Prices?

Ripple explained the performance of its XRP token so far this year in its Q1 2020 report, talking about the increase in On-demand liquidity (ODL) network volume as well as the reduction in XRP sales, in the most transparent way possible.

Ripple started the report addressing the economic crisis driven by COVID-19, which exploded on March 12, 2020, a day known as Black Thursday — when the S&P fell below 3,000… causing “unprecedented volatility [that] spread across the digital asset markets”— or rather the day Bitcoin “lost over 50% of its market value in a matter of hours”.

“In Q1 2020, total XRP sales were $1.75 million (USD) vs. $13.08 million the previous quarter… Total sales (OTC-only, given programmatic pause) ended the quarter at 0.6 bps of CCTT. This is compared to total sales in the previous quarter (OTC + programmatic) of 8bps of CCTT, representing a 99.3% drop QoQ.”

Ripple argued that although the entire crypto market, including XRP, experienced volatility, the performance of the XRP Ledger (XRPL), such as price and transaction speed, remained stable, making XRP the preferred digital asset for fund transfers. 

XRP increases daily volumes

According to CCTT’s —Crypto Compare Top Tier — XRP increased its daily trading volumes this Q1 by 72.23% over last year’s Q4, reporting figures of $322.66 million for Q1 versus $187.34 million in Q4.

Ripple also reported an increase in the volatility of the daily returns of XRP this Q1 of 6.2%, over the 3.1% it maintained during Q4 2019, much greater than that of its big brother Bitcoin (5.8%), but lower than that of Ethereum, which presented volatility of 7.3%.

RippleNet’s On-Demand Liquidity (ODL) platform tripled the volume of transactions this last quarter “and the dollar value transacted increased by more than 294%.”

Ripple continues its practice of partnering with strategic companies that offer digital money transfer services, such as Azimo. This business move allowed the two companies to use ODL to send money to the Philippines by using XRP, lowering transaction costs, and increasing profits.

“ODL saved the company [Azimo] 30%-50% when arranging currency transfers between customers”

XRP is showing a great performance since Black Thursday, with an increase in its prices during the last 30 days of 23.34%, it currently costs $0.216, which indicates a great recovery.

0 Like(s)



You should also read...

Altcoins 04/12/19 20:36 by Tolu
XRP Outpacing Bitcoin, Ethereum Transaction Volume, Thanks to MoneyGram
2019 has seen quite a few impressive and strategic partnerships between the crypto and traditional sectors, with the number of these partnerships consistently increasing. One of the most popular ...
Read More
Altcoins 13/01/20 15:29 by Brenda Ngari
Ripple CEO Brad Garlinghouse On Why XRP Is Not A Security
Ripple has long been embroiled in lawsuits regarding whether its digital asset, XRP, is a security or not. Currently, the token is part of a class-action lawsuit filed against Ripple last year. In th...
Read More
Altcoins 26/02/20 20:16 by Brenda Ngari
London-Based Money Transfer Service Azimo To Use Ripple’s XRP For Faster Payments In The Philippines
Ripple has recently announced a strategic partnership with Azimo, a London-based virtual money transfer company. Azimo will leverage the On-Demand Liquidity product to facilitate faster and inexpensi...
Read More
Altcoins 14/03/20 09:38 by Mr Oak
Why Ripple’s XRP Usurping Ethereum In 2020 Is Highly Possible
Ripple’s XRP and Ethereum have been rivals ever since the former debuted on the cryptocurrency scene. Both coins have been tipped over the years to overthrow Bitcoin as the largest cryptocurrency i...
Read More
Altcoins 18/03/20 13:20 by Mr Oak
3 Reasons Why Ripple’s XRP Price Hasn’t Returned To $1
Ripple’s XRP ever since it hit its all-time high, a little over $3, has failed to make any vital impact on the crypto market. The potential behind the coin has seen investors and experts demand mor...
Read More