As ODL adoption spikes, Ripple said it would continue to purchase XRP from secondary markets.
Leading blockchain company Ripple disclosed in its recently-published Q2, 2022 financial report that it has been buying back XRP off the secondary market.
The blockchain company noted that the purpose of the XRP buyback initiative is to sell the acquired crypto asset to On-Demand Liquidity (ODL) businesses.
According to Ripple, the adoption of its ODL solution has grown tremendously in the previous quarter. ODL volume surged 9x YoY, the report noted.
Notably, ODL customers have been utilizing the solution beyond domestic remittance and individual payments to bulk payments and treasury flows.
“Ripple has been a buyer of XRP in the secondary market and expects to continue to undertake purchases at future market prices as ODL continues to gain global momentum,” an excerpt from Ripple’s Q2 2022 financial report reads.
Ripple ODL Sales in Q2 2022
On-demand liquidity volume grew by 9X in the second quarter of 2022.
In Q2 2022 alone, Ripple sold $408.9 million worth of XRP to ODL customers, which is up from the $273.27 million worth of XRP sold in the previous quarter.
The total XRP sales made by Ripple to ODL customers in Q2 2022 represented 0.47% of the global XRP volume in the quarter.
Meanwhile, Ripple’s plan to continue buying XRP from the secondary market to service ODL customers has sparked concerns among XRP investors.
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Source: https://thecryptobasic.com/2022/07/30/ripple-buyback-millions-of-xrp-off-secondary-market-as-odl-gains-global-momentum/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-buyback-millions-of-xrp-off-secondary-market-as-odl-gains-global-momentum