Ripple’s ODL Network Volume Triples, While XRP Sales Fall to $1.75M

Ripple’s ODL Network Volume Triples, While XRP Sales Fall to $1.75M

Ripple’s On-Demand Liquidity (ODL) payments network tripled in transaction volume over the last quarter according to Q1 2020 XRP Markets Report.

The dollar value transacted using ODL increased by more than 294 percent, which is good news for token holders with the report describing XRP liquidity as the “lifeblood of Ripple’s [ODL] for cross-border payments.”

Ripple has again cut its total XRP sales from $13.08 million in Q4 2019 to $1.75 million in Q1 2020 in further good news. The company was criticized for supporting XRP sales in its balance sheet. The report also notes the token has been integrated into “a number of additional exchanges and instruments of liquidity.”

ODL Increased by Money Transfer Services

The report attributes part of the ODL increase to cost-saving measures implemented by the network that eliminate the need for international accounts to be prefunded. As an example, it highlights Ripple’s partnership with UK-based digital money transfer service Azimo:

“Azimo launched its service to send payments to the Philippines and, within a few months, ODL saved the company 30%-50% when arranging currency transfers between customers in the Philippines and those in the UK and Europe.”

Many other transfer services around the world use the ODL product from RippleNet, including Finastra, a UK-based financial software company, South Korean money transfer service providers Sentbe and Hanpass, and WireBarley, a mobile and online cross-border remittance service company.

XRP’s volatility doubled, from 3.1% in the final quarter of 2019 to 6.2% in Q1 2020. “XRP’s volatility over the quarter was higher than that of BTC (5.8%), and lower than that of ETH (7.3%)”, according to the report.

The daily volume rose from $187.34 million in Q4 2019 to $322.66 million in Q1 overall.

After looking as if it might pull away from a correlation with other major tokens like Bitcoin (BTC), Ethereum (ETH), and Bitcoin SV (BSV), after the major crypto-downturn in March, XRP spiked to a 100 percent correlation.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.