The XRP buyback program is intended to be sold to On-Demand Liquidity (ODL) firms.
The use of Ripple’s ODL solution has increased significantly in the last quarter.
When Ripple released its Q2 2022 financial report, it revealed that it has been purchasing XRP back from the secondary market. The XRP repurchase program is intended to be sold to On-Demand Liquidity (ODL) firms, according to the blockchain firm.
According to the report, Ripple’s Q2 performance was fairly good despite the negative incidents. Lithuania’s FinCI agreed to facilitate retail and business-to-business (B2B) settlements through On-Demand Liquidity (ODL) in May of this year.
$408.9 million in XRP Sold to ODL Clients
The use of Ripple’s ODL solution has increased significantly in the last quarter, according to the company. The research said that the volume of ODLs grew by a factor of nine over the previous years. It is notable that ODL clients have taken use of the service beyond domestic remittances and one-on-one payments to bulk payments and financial transactions.
Ripple’s Q2 2022 report included:
“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.”
Over $408.9 million in XRP was sold to ODL clients in Q2 2022, a significant increase over the $273.27 million in XRP sold the previous quarter. Ripple’s XRP sales to ODL clients in Q2 2022 accounted for 0.47 percent of the entire quarterly XRP volume. ODL clients are concerned about Ripple’s intention to keep purchasing XRP from the secondary market in order to serve them.
The company’s quarterly XRP Markets Report provided an overview of the current cryptocurrency market concerns. Multiple initiatives including Terra, Three Arrows Capital, Celsius, and BlockFi have failed in recent months, resulting in investor concern and withdrawal. A large number of employees were laid off from exchanges like Gemini and Crypto.com as a consequence.