Ripple sold $409 million worth of XRP in the second quarter

While many crypto giants collapsed in the second quarter, including Terra, Three Arrows Capital, Celsius and BlockFi, Ripple has confirmed that it has made significant progress to increase the utility of the XRP ledger and its On-Demand Liquidity service.

Ripple increases XRP sales

Ripple released its second quarter market report on Thursday, revealing a significant increase in XRP sales and the utility of its On-Demand Liquidity (ODL) service.

The US-based firm confirmed that the second quarter was a success. According to the report, the volume of ODL registered 800% year-on-year growth thanks to several partnerships that helped accelerate demand. One of the firm’s key partnerships was with Lithuanian money transfer provider FINCI, which aimed to deliver instant and cost-effective retail transfers.

With the global expansion of ODL, Ripple also increased XRP sales by around 50%. The firm sold about $408.9 million worth of XRP in the second quarter, adding to the $273.27 million it cut from its holdings in the previous quarter. Meanwhile, the company reported that volumes fell 22% quarter-on-quarter to an average daily volume of $862 million, down from $1.1 billion.

In the report, Ripple noted that XRP’s price performance in the second quarter was affected by “broader macroeconomic signals and idiosyncratic developments.” Nevertheless, the token has managed to cut through a crucial resistance area in the last 48 hours. Further increase in bullish momentum could help XRP move higher.

XRP to track before higher peaks

From a technical perspective, XRP appears to have broken out of a parallel channel on the 12-hour chart. The Tom DeMark (TD) Sequential indicator is currently presenting a sell signal in the form of a red nine candlestick. The bearish formation expects a brief pullback to $0.37, where XRP may gather liquidity before providing another bullish impulse towards $0.45.

Given the peak in Ripple’s XRP sales, the $0.37 support level is critical in the event of a decline. If XRP fails to stay above this critical demand zone, it could suffer a sell-off and plunge to $0.34.

Disclosure: At the time of writing, the author of this piece owned BTC and ETH.