Crypto payments infrastructure provider Ripple revealed in its second-quarter earnings report on July 28 that it saw a significant increase in the demand for its associated XRP token.
Ripple continues to grow
Ripple has been able to make major strides when it comes to increasing the utility of its XRP ledger and On-Demand Liquidity (ODL) service.
The U.S.-based crypto fintech firm noted that year-to-date (YTD) volumes associated with its ODL module have increased 9x year over year, thanks, in large part, to the various partnerships the company has entered into recently. For example, Ripple signed a multi-year agreement with Lithuanian money transfer provider FINCI with the goal of delivering instant and cost-effective retail remittances within Eastern Europe.
The growth of Ripple’s ODL module has resulted in the sale of the platform’s associated cryptocurrency XRP also increasing by 50%. The firm sold about $409M worth of XRP during Q2, adding to the $273.3 million it cut from its holdings the quarter prior to that.
That said, trade volumes have reduced by 22% quarter-to-quarter to an average daily volume of $862.6M, with this metric previously standing at $1.1B. The author of the report noted:
“XRP price and volume declined due to broader macroeconomic cues and idiosyncratic developments affecting the crypto market recently.”
Ripple commits $100M to carbon markets
Ripple recently said that it will commit $100M to help spur carbon removal activities on a global scale by investing in climate-focused fintech companies as well as other companies associated with this space.
The money will also be used to support new functionality and the development of tools that can help enable carbon credit tokenization as core NFTs on the XRP Ledger.
Lastly, during Q2 2022, the Ripple Foundation doled out $3M worth of funding to 36 awardees as part of its XRPL Grants program.