Ripple Says It’s Now Buying and Selling XRP, With $32,500,000 Used to Drive Crypto Remittance Liquidity

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Ripple has released new numbers on its quarterly sales of the digital asset XRP.

The company says it sold $32.55 million worth of XRP in the second quarter of 2020, up from just $1.75 million in the previous quarter.

In its Q2 Markets Report, the payments startup says it continues to pause programmatic sales of XRP on cryptocurrency exchanges. Instead, the company is focusing on over-the-counter (OTC) transactions in an effort to boost liquidity for its XRP remittance platform, known as ODL. The company is also buying an undisclosed amount of XRP on the secondary market through its subsidiary, XRP II.

“In Q2 2020, total XRP sales were $32.55 million (USD) vs. $1.75 million the previous quarter. Ripple continued the pause of programmatic sales, focusing solely on its over-the-counter (OTC) sales as part of providing increased XRP liquidity to RippleNet’s On-Demand Liquidity (ODL) customers. This added liquidity is vital as ODL continues to evolve and expand into new corridors…

As more financial institutions leverage RippleNet’s ODL service, more liquidity is added into the XRP market. That said, Ripple has been a buyer in the secondary market and may continue to undertake purchases in the future at market prices.”

XRP II is registered as a money services business with the with the Financial Crimes Enforcement Network and has a virtual currency business activity license with the New York State Department of Financial Services.

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The post Ripple Says It’s Now Buying and Selling XRP, With $32,500,000 Used to Drive Crypto Remittance Liquidity appeared first on The Daily Hodl.

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