- 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:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.