Ripple has released its second-quarter report. The document shows that the firm has released XRP worth over $409 million to its circulating supply. The 50% jump bridges the $273 million cut in the first quarter. As a result, the available token supply has hit $48.3 million against a maximum supply of $100 million.
Critics have criticized the Ripple strategy of releasing Crypto as market manipulation. However, this cannot be further from the truth; the Ripple Price has been trading as per market trends despite the addition. In this release of XRP tokens, Ripple Foundation was creating more liquidity for the growing On-Demand Liquidity (ODL) service.
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Adoption of Ripple ODL Service is Rising Amid Upgrades
The Ripple report shows that ODL adoption surged by 800% year on year. The phenomenal growth is attributed to increasing partnership deals, accelerating its demand.
One of the most significant deals pushing the demand for XRP is the partnership with the Lithuanian money transfer provider FINCI. The firm aims to deliver cost-effective and instant retail remittances.
The adopters are being incentivized by the conclusion of Project Clio. The iterative upgrades increase the load capacity of the ledger enabling increased transactions while not negatively impacting the performance of the core Blockchain. Additionally, the soft fork supports the XRPL interoperability with DeFi apps that accept XRP and Crypto payments.
Ripple Released XRP At the Height of the Crypto Winter
In the second quarter of the year, the Crypto market was grappling with a Crypto winter where the market capitalization fell below $1 trillion. At the time, the volume of XRP transactions also plummeted by 22% quarter-on-quarter to $862 million from $1.1 billion. This means that the addition of XRP tokens did not shore up the value, although it achieved its purpose of increasing liquidity for XRP adopters in e-commerce.
The growing popularity of Ripple solutions will likely boost XRP in the future in the same way that the Ethereum sandbox solution has been boosting ETH. The Bank of Korea and Itau Unibanco are some of the adopters of Ethereum blockchain solutions.
XRP Is Bullish
In the meantime, XRP is trading at $0.3837. The value has slumped by 1.44% in the last 24 hours due to depressed market activity over the weekend. However, the week-on-week growth is 11% which is almost at par with the ETH recovery of 11.89% in the same period.
The market capitalization of XRP is $18,512,138,221, the 6th largest in the market. It has, however, one of the highest circulating supplies of tokens at 48 million, behind only Tether and USD Coin, which are Stablecoins.
In the last 24 hours, XRP has shed about 2% of its value. The Tom DeMark (TD) Sequential indicator shows projects the Crypto to retract to a low of $0.37, where it will establish a level of support before rallying.