Technology

$400 million in XRP – Ripple destroys cryptocurrency sales

Endurance – Ripple (XRP) is posting encouraging results from its business in the second quarter, as if the company has not been affected by bear markets.

Ripple: 50% growth in the second quarter

Q2 was black for crypto or red for the markets as Bitcoin (BTC) recorded three consecutive bearish monthly candles. The bears managed to overwhelm such giants as Terra, Three Arrows Capital or even Celsius.

However, in its Q2 market report, Ripple shows a completely different color for this period. The company reportedly sold $408.9 million worth of XRP, up from $273.27 million in the first quarter, up almost 50%.

As such, Ripple CEO Brad Garlinghouse has every reason to be optimistic, emphasizing that the crypto winter will “pass” like the dot-com winter of the late 1990s or the digital asset bear market of 2018.

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Growing adoption of ODL worldwide

Snow on the markets is not eternal, but Ripple did not wait for the return of good weather, enter into strategic partnerships and move forward on the path of development.

The company entered into a partnership with the Lithuanian company FINCI in May last year. The collaboration enables consumer money transfers and business-to-business settlements using the Ripple On-Demand Liquidity (ODL) solution.

Most recently, the company partnered with Singapore-based fintech company FOMO Pay, which will use ODL to make cross-border payments in US dollars and euros faster and cheaper.

Continuity in environmental commitment

As such, the second quarter will be green for Ripple, and not just in terms of financial performance or strategic partnerships that are fueling its economic growth.

During this period, the company has allocated $100 million to projects aimed at developing tools for tokenizing carbon credits in Ledger XRP. Thus, the bearish context has not prevented Ripple from continuing to support environmental initiatives.

Ripple seems to be used to managing turbulence. XRP, for example, was the victim of an SEC complaint about the cryptocurrency, but did not collapse to zero. Bitcoin and cryptocurrencies have taken a downward path. However, Ripple continues its development through various collaborations and even opens new offices in North America.

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