As demand for its On-Demand Liquidity service grows, Ripple continues to expand the quantity of XRP tokens in circulation.
Ripple made significant advances to expand the usability of the XRP system and its On-Demand Funding service as several crypto titans crumbled in the second quarter.
The American company said that its second period was successful. According to the study, the company’s ODL volume increased 800% year-over-year due to several collaborations that helped accelerate demand. One of the company’s significant collaborations was with the Lithuanian money transfer operator FINCI, which intended to offer rapid and affordable retail money transfers.
With the worldwide growth of ODL, Ripple raised XRP sales by almost 50 percent. The company sold around $408.9 million worth of XRP during the second quarter and $273.27 million value of XRP during the first quarter. Meanwhile, the business reported a 22 percent fall in quarterly volume to an average daily volume of $862 million, down from $1 billion.
Ripple said, “macroeconomic factors and idiosyncratic events impacted XRP’s latest quarterly price movement.” Despite this, the token has managed to break a significant resistance zone during the previous 48 hours. XRP might rise if positive momentum continues to strengthen.
XRP Will Retrace Before New Highs
XRP’s 12-hour chart shows a breakout from a side. The Tom DeMark (TD) Sequential indicator displays a sell signal as a red nine candlestick. The negative pattern forecasts a modest retreat to $0.37, at which time XRP might amass liquidity ahead of a bullish impulse to $0.45.
Given the surge in XRP sales by Ripple, the $0.37 support level is essential in the event of a decline. If XRP fails to maintain its position above this crucial demand zone, it might see a sell-off and fall below $0.34.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.