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Ripple’s On-Demand Liquidity (ODL) payment network tripled in transaction volume in the last quarter according to the just released Q1 2020 XRP Markets report.
The dollar value traded using ODL increased by over 294% which is good news for token holders with the report describing XRP liquidity as the “lifeblood of Ripple. [ODL] for cross-border payments. “
As further good news, Ripple again reduced its total XRP sales from $ 13.08 million in Q4 2019 to $ 1.75 million in Q1 2020. The company had been criticized for backing up its balance sheet with XRP sales. The report also notes that the token has been integrated into “a number of additional exchanges and liquidity instruments”.
ODL has increased from money transfer services
The report attributes part of the ODL increase to network-implemented cost-saving measures that eliminate the need to pre-finance international accounts. Highlights the partnership between Ripple and UK-based digital money transfer service Azimo as an example:
“Azimo launched its service to send payments to the Philippines and, within months, ODL saved the company 30% to 50% of arranging currency transfers between customers in the Philippines and those in the UK and Europe.”
Numerous other transfer services around the world use RippleNet’s ODL product, including UK-based financial software company Finastra, South Korean money transfer providers Sentbe and Hanpass, and cross-border remittance services company based on mobile and online WireBarley.
The daily volume increases
The volatility of XRP doubled, from 3.1% in the last quarter of 2019 to 6.2% in the first quarter of 2020. According to the report, “XRP’s volatility in the quarter was higher than that of BTC (5, 8%) and lower than that of ETH (7.3%). “
The daily volume increased overall from $ 187.34 million in the fourth quarter of 2019 to $ 322.66 million in the first quarter.
Correlation with other currencies has approached 100%
After looking as if it could move away from a correlation with other major tokens like Bitcoin (BTC), Ethereum (ETH), and Bitcoin SV (BSV), XRP rose towards a 100% correlation following the main crypto decline in March.
Source: Q1 2020 XRP Markets Report
3 billion XRP released by escrow
Those who monitor XRP whale activity may have noticed that Ripple releases a billion coins every month, usually half the first of the month:
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (105,615,284 USD) unlocked from Ripple Escrow’s escrow wallet
Tx: https://t.co/tRata3IUYM
– Whale Alert (@whale_alert) May 1, 2020
The report notes that 3 billion XRP tokens were issued as escrow in the first quarter of 2020. However, 2.7 billion of these were “returned and subsequently entered into new escrow contracts”.
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