Ripple’s XRP Sales Fall to $1.75M as ODL Network Volume Triples

The dollar value transacted using ODL increased by more than 294%, which is good news for token holders with the report describing XRP liquidity as the “lifeblood of Ripple’s ODL for cross-border payments.”

Ripple’s On-Demand Liquidity (ODL) payments network tripled in transaction volume over the last quarter according to the just released Q1 2020 XRP Markets Report.

In further good news, Ripple has again reduced its total XRP sales from $13.08 million in Q4 2019 to $1.75 million in Q1 2020. The company had been criticised for propping up its balance sheet with XRP sales. The report also notes the token was integrated into “a number of additional exchanges and liquidity instruments.”

ODL increased by money transfer services

The report attributes part of the increase in ODL to cost-saving measures implemented by the network which eliminate the need to pre-fund international accounts. It 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 a few months, ODL saved the company 30%-50% when arranging currency transfers between customers in the Philippines and those in the UK and Europe.”

Numerous other transfer services worldwide use RippleNet’s ODL product including U.K.-based financial software firm Finastra, South Korean money transfer service providers Sentbe and Hanpass, and mobile and online based cross-border remittance services firm WireBarley.

Daily volume increases

XRP’s volatility doubled, from 3.1% in the final quarter of 2019 to 6.2% in Q1 of 2020. According to the report, “XRP’s volatility over the quarter was higher than that of BTC (5.8%), and lower than that of ETH (7.3%).”

Daily volume increased overall from $187.34 million in Q4 of 2019 to $322.66 million in Q1.

Correlation with other coins approached 100%

After looking as if it may pull away from a correlation with other major tokens like Bitcoin, Ethereum (ETH), and Bitcoin SV (BSV), XRP spiked towards a 100% correlation following the major crypto downturn in March.

3 billion XRP released from escrow

Those monitoring XRP whale activity may have noticed Ripple releases one billion coins every month, usually half at the first of the month:

The report notes that across Q1 2020, 3 billion XRP tokens were released out of escrow. However, 2.7 billion of these were “returned and subsequently put into new escrow contracts”.

Ripple’s Xpring Opens Developer Relations Forum

Ripple’s Xpring will launch a community web page and forum referred to as “developer relations”, or DevRel, for its developer platform.

Most of Xpring’s employees work on the engineering and product side of the table, explained a Feb. 1 blog post on the Xpring website. “We think of DevRel as the ears and mouth of Xpring”, the post reads.

Xpring for devs

Xpring originally functioned as Ripple’s investment branch. In October 2019, Ripple also launched an Xpring developer platform, giving creators a venue for digitizing money.

Several months later, in December 2019, Xpring added features to its platform, including SDK, which added compatibility for programmers’ apps.

DevRel for insights

According to the blog post, Xpring mentioned communicating with builders via content, events and support.

Xpring aims to present developers with helpful materials like sample code and tutorials. The blog post also mentioned hosting conferences, as well as giving technical support, all in an effort to engage the community around the Xpring platform.

Near the end of 2019, Cointelegraph also covered Xpring’s investments into several endeavors, including Bread wallet and Swedish startup Towo Labs.

Cointelegraph reached out to Ripple for additional details, but received no response as of press time. This article will be updated accordingly should a response come in.

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