Ripple’s Liquidity Payment Network (ODL) tripled its transaction volume in the last quarterAccording to the recently published XRP market report for the first quarter of 2020.
Dollar value of transactions made with ODL increased by more than 294%This is good news for token holders as the report describes XRP liquidity as “the lifeblood of Ripples ODL for cross-border payments”.
In other good news, Ripple again reduced its total XRP sales: from $ 13.08 million in the fourth quarter of 2019 to $ 1.75 million in the first quarter of 2020. The company has been criticized for supporting its bottom line with XRP sales. The report also notes that the token has been integrated into “a number of additional exchanges and liquidity instruments”.
ODL increased through money transfer services
In the report Part of the increase in ODL capacity is due to network-led cost-saving measures that eliminate the need to pre-finance international accounts. The partnership between Ripple and the UK-based digital money transfer service Azimo is an example:
“Azimo has started its service to send payments to the Philippines. Within a few months, ODL has saved the company between 30% and 50% by arranging money transfers between customers in the Philippines and customers in the UK and Europe.”
Many other transfer services around the world use RippleNet’s ODL product. including the UK-based financial software company Finastra; The South Korean money transfer service providers Sentbe and Hanpass as well as the cross-border online and mobile transfer service company WireBarley.
The daily volume increases
The volatility of the XRP token doubled from 3.1% in the last quarter of 2019 to 6.2% in the first quarter of 2020. According to the report, “XRP volatility during the quarter was higher than that of BTC (5.8%) and lower than that of ETH (7.3%).”
Total daily volume increased from $ 187.34 million in the fourth quarter of 2019 to $ 322.66 million in the first quarter.
The correlation with other currencies was close to 100%
After you look like you can move away from correlation with other major tokens like Bitcoin (BTC), Ethereum (ETH) and Bitcoin SV (BSV). XRP rose towards a 100% correlation after the sharp decline in crypto in March.
Source: XRP market report for the first quarter of 2020
3 billion XRP released
Those who monitor the activity of XRP whales may have noticed this Ripple releases one billion coins every monthand usually half is at the beginning of the month:
, 000 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP ($ 105,615,284) exempt from deposit in the Ripple Escrow wallet
– Whale alert (@whale_alert) May 1, 2020
The report states that 3 billion XRP tokens were released from custody in the first quarter of 2020. However, 2.7 billion of them were returned and “subsequently included in new deposit contracts”.
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