XRP sales volumes increased to $37 billion in the third quarter.

According to Ripple’s report for the third quarter of 2020, total XRP sales volumes increased by 108% to $37.13 billion compared to the second quarter of the year.

The average daily volume increased from $196.28 million to $403.58 million.

Overall, in terms of liquidity and trading volumes, XRP was the fourth most popular asset in the markets for the period, rising one line up.

The company said it is developing new tools for On-Demand Liquidity (ODL), which is used for cross-border payments. This is being done to create the opportunity to obtain liquidity from the open market, not just from Ripple.

To this end, the company has launched the Line of Credit business credit programme, which operates on the basis of the RippleNet network and is aimed at financial institutions and small and medium-sized businesses. According to the report, after testing the product by a limited number of companies, Ripple received an extremely positive feedback.

Ripple notes that it continues buying XRP to support the markets. The company acquired XRP for a total of $35.84 million in the third quarter, compared to $32.55 million in the previous quarter.

In the second quarter, Ripple increased XRP sales volume 18-fold

The standard deviation in daily returns in Q3 was 3.5% compared to 3% in Q2, making XRP slightly more volatile than BTC (3.2%) and ETH (3.3%).

During the period under review, Ripple withdrew 3 billion XRP from its token accounts, returning 2.4 billion tokens.

As a result of the third quarter, the largest share of open interest in XRP came from the FTX exchange, which recently added spot trading in the XRP/USD pair and began to accept XRP as collateral for offered derivative products.

The company also notes the advantages of XRP as a tool in arbitrage trading. These include low commissions, high transaction speeds and reliability of the asset.

Recall that as a result of a recent phishing attack, Ledger hardware wallet owners lost over 1,150,000 XRP (over $292,000).

This entry was posted in Bitcoin. Bookmark the permalink.

Comments are closed.