Ripple [XRP] token sales within Q2 surged after hitting a low within the first-quarter, while the firm’s On Demand Liquidity network remains popular.
As per the Ripple’s quarterly report published earlier on 3rd August, sales of the firm’s XRP token were 18.6x times higher in Q2 2020 compared to Q1. The cryptocurrency firm added that XRP sales were $32.55 Mln from April to June this year, up from $1.75 Mln within the first Quarter. The company has been criticized for shoring its record with XRP sales.
Ripple revealed that the sales were due to the firm prioritizing over-the-counter [OTC] sales over programmatic ones. This is often reportedly a part of the effort to offer increased XRP liquidity to RippleNet’s On-Demand Liquidity [ODL] users. RippleNet had 11x times year-over-year growth in ODL transaction volume from the mid of 2019 to 2020.
XRP Gains 40% In 7 Days
As reported earlier today, the worth of the XRP token has rallied 40% within the past 7 days and nearly 8.5% within the last 24 hours. Many predict that the token may even surge to $0.30 USD if Bitcoin [BTC] – presently at $11,346 USD – remains stable.
The price rise has attracted investors. Atleast 30 new XRP whales now hold between $240k and $2.4 Mln, bringing the amount of accounts holding over a million of the tokens to 3.7%.
Ripple & Ongoing Legal Issues
Ripple is presently within the middle of a long-running class-action lawsuit alleging the firm misled investors with bullish claims about XRP and sold the token as an unregistered security. As reported earlier, the legal team representing the firm and CEO Brad Garlinghouse has argued any statements they made overstating the utility of the Ripple [XRP] token can’t be proven false.