Sales of the Ripple XRP token during the second quarter increased after reaching a low in the first quarter, while the company’s on-demand liquidity network remains popular.
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According to Ripple’s quarterly report released on August 3rd, sales of the company’s XRP token were 18.6 times higher during the second quarter of 2020 compared to the first quarter sales. The crypto company stated that XRP sales were $32.55 million from April to June this year, about $1.75 million per token in Q1. The company has been criticized for consolidating its balance sheet with XRP sales.
Ripple said the sales were due to the company prioritizing over-the-counter (OTC) sales. This is reportedly part of an effort to provide greater XRP liquidity to RippleNet On-Demand Liquidity (ODL) customers. RippleNet had an 11-fold year over year growth in Etoro transaction volume from mid 2019 to 2020.
The price of XRP increased by 40%.
Cointelegraph reported today that the price of the XRP token rose 40% over the last seven days and nearly 8.5% in the last 24 hours. Many predict that the token could even reach USD 0.30 if Bitcoin (BTC), which is currently at USD 11,346, remains stable.
The price of XRP increases 40% in one week, but can it reach USD 0.50?
The price increase attracted investors. At least 30 new XRP whales now have between USD 240,000 and USD 2.4 million, bringing the number of accounts with more than one million tokens to 3.7%.
Legal problems continue
Ripple is currently in the midst of a long-running class action lawsuit alleging that the company misled investors with bullish claims about XRP and sold the token as an unregistered security. Cointelegraph recently reported that the legal team representing the firm and CEO Brad Garlinghouse argued that any claims they made exaggerating the usefulness of the XRP token cannot be proven false.