Ripple’s Q2 Report Shows a Nearly 50 Percent Rise in Sold XRP Tokens
- Last quarter Ripple sold $408.0 million worth of XRP tokens compared to $273.2 million in Q1 2022.
Ripple’s XRP markets report for Q2 2022 is now out. The report provides updates on happenings in the crypto ecosystem but focuses more on happenings in the Ripple ecosystem. The report highlights the expansion of the XRP ledger into the NFT space.
In May, Balmain (a top French luxury fashion house) partnered with mintNFT to expand the brand’s awareness on the metaverse.
The partnership signals the first fashion NFTs available on the carbon-neutral XRPL. Last month, Lotus (a famous UK-based car brand) and NFT pro partnered to launch automotive NFTs through the XRPL. It is the first time the car brand will have a presence in the Web3 space.
Creators building NFTs on the XRPL can use Ripple’s creator fund to access all the necessary support to increase engagement with their communities. The creator fund has provided funding for NFT creators in various niches. This past quarter, Ripple upgraded its servers to a new version (v1.9.1).
It also set up its validators to vote for the activation of the XLS-20 amendment on the XRPL mainnet. Following extensive testing, Ripple is convinced that the XRPL can support additional transaction load on a large scale. While Ripple has shown support for the XLS-20, the collective XRPL validators now need to enable the XLS-20.
Last month, Ripple and the XRP ledger foundation jointly released the first version of Project Clio. The project helps with the scalability of XRPL and load capacity and offers more stability. In the same month, FLUF World partnered with Ripple to launch the root network, a new blockchain network.
FLUF World plans to integrate the root network into the XRPL. Settlement of transactions on the root network will be through XRP tokens. The FLUF network is a solid metaverse ecosystem with more than 195,000 minted NFTs and more than 340,000 transactions.
The SEC-Ripple Lawsuit and Ripple’s XRP Purchases
Earlier in the month, Judge Netburn nullified the SEC’s claims of attorney-client rights over the draft of a speech by the ex-SEC director, William Hinman, 2018. Ripple states that it keeps pushing for a speedy resolution of its legal battle with the sec.
More importantly, it intends to prove beyond reasonable doubt that Ripple never violated any securities laws. Ripple believes that setting this record straight would benefit the entire crypto industry and not Ripple alone. The report also revealed that Ripple’s total XRP sales for last quarter were $408.9 million, an almost 50 percent increase from the $273.27 million worth of XRP tokens that Ripple sold in the previous quarter.
Ripple reiterates that its XRP sales were mainly earnings from its ODL transactions. There has been a substantial increase in ODL transaction volumes recently as more businesses globally continue to use Ripple’s ODL.
Ripple maintains that it will keep buying XRP tokens from the secondary market as long as more businesses continue to use its ODL technology. The report also revealed that one of Ripple’s co-founders, Jed McCaleb, has sold off all his 9 billion XRP tokens. McCaleb has sold its XRP tokens in bits before finally selling the remaining amounts this past quarter.