Ripple recently published its Q2 2021 report with statistics to envy. In terms of daily average volume, XRP doubled down. This technical index was valued at $2.26 billion in the first quarter and has now ballooned to $4.46 billion. At present, the daily average volume for XRP is four times higher than it has ever been before.
Ripple also claimed in their report that the quarter-to-quarter sales were increased by $7.5 million. In the first quarter, the sales revenue was closed at $150.34 million while in the second quarter it soared to $157.92 million. Ripple report posits that this has occurred due to the higher on-demand liquidity (ODL) for XRP. The report also noted a downtrend from quarterly basis points from 7bps to 4 bps in the global markets.
Ripple’s financial report is focused on data projections, milestones, road mapping, and the condition of the marketplace. As per the report, the entire crypto market started to head towards a fall on April 22nd, 2021. The factors that increased the volatility are Elon Musk’s tweets, China’s mining exodus, increasing regulatory pressure, and ransomware attacks. Ripple claims that after April, the crypto market experienced a 20% price upsurge for altcoins thumps on average.
Ripple market analysts also take a look at the rising inflation in the US economy. In June, the consumer price index for USA citizens raised by 5.4%. This is the first time since August 2008 that the consumer price index got soared like this. Ripple Labs also postulated that in the USA, there are no clear regulations for cryptocurrencies which poses a massive threat for investors. In the same manner, crypto businesses in countries like UK and Singapore have no option but to work with temporary licenses.
Ripple Labs also Unveils its Future Plans
Ripple Labs has signed up a service contract with Swissborg. This partnership allows XRP to deploy smart contracts on their blockchain and enable the investors to earn yields. Swissborg is a blockchain project, and it has listed XRP on its platform alongside 15 fiats and 16 altcoins on its list. Ripple claims that for the Q2, 1 billion XRP tokens were issued from the escrow account for three months consecutively. Ripple also has plans to jump on the NFT bandwagon. The management of Ripple is in the process of negotiation with Mintable. Mintable is a dedicated NFT market that allows users to sell, purchase, mint, and create different items on the platform. The financial report by Ripple also mentioned that the XRP ledger issued 5000 tokens to date due to its DEX capabilities.