Ripple battles the SEC with massive cross-border payment growth
- Ripple’s cross-border payment platform witnessed massive growth year-on-year despite the ongoing legal battle with the SEC.
- Ripple’s On-Demand Liquidity related sales climbed to $2.12 billion in Q2 2022, signaling growth and adoption of the platform.
- Analysts predict a 28% rally in Ripple price, anticipating a breakout from the current trend.
Ripple witnessed massive growth in On-Demand Liquidity related sales. Despite the ongoing legal battle with the SEC, the payment giant continued its expansion and partnerships. Analysts have revealed a bullish outlook on XRP.
Also read: SEC v. Ripple: Payment giant makes strides to end legal battle
Ripple ODL sales volume ramped up in Q2 2022
On-Demand Liquidity platform powered by XRP witnessed a massive growth in year-on-year volume despite the legal battle with the SEC. Based on data from the Q2 2022 report, the payment giant continued its expansion through partnerships.
The report reads:
Customers continued to expand the use of ODL for use cases beyond traditional remittances or individual payments, with treasury flows and bulk payments accounting for more volume on the network.
Ripple’s ODL platform related sales climbed to $2.12 billion, with purchases amounting for $1.717 billion and net sales worth $409 million. With global expansion and partnerships with fashion brands like Balmain, Ripple is making strides in its growth.
Ripple’s recent partnership with FOMO Pay, a payment solution provider, helped the payment giant expand in Singapore and improve its cross-border treasury flows.
In response to macroeconomic cues and other developments in the world economy, XRP price and volume declined 22% QoQ.
Analysts are bullish on XRP price
Analysts evaluated the XRP price trend and revealed a bullish outlook. The asset is prepared to breakout of its trend and make a comeback with a 28% price rally. Anshuman Roy, a crypto analyst identified a potential golden cross and an ascending triangle pattern in XRP price chart.
The golden cross between the 50 and 200-day Moving Average could mark the beginning of an uptrend in XRP.
Traders use ascending triangle patterns to identify a breakout in an asset. The pattern is created by price moves that allow for a horizontal line to be drawn along a rising trendline.
XRPUSD price chart
FXStreet analysts have marked key price targets in XRP price trend in the video below:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
