Payments and exchange network Ripple recently released XRP markets report for Q3 2022. The report brought many important insights related to Ripple and its native token XRP along with the past quarter performance.
XRP Market Witnesses Growth in Quarter to Quarter Time Frame
According to the report, the overall sales through On Demand Liquidity (ODL) accounts for about 2819.63 million USD. The sales noted the notable jump from the previous quarter’s metric of 2125 million USD. Along with this, the total XRP purchase amount accounted for 2508.95 million USD for Q3 2022, which was 1717.02 million USD in Q2 2022. Eventually the net sales in the second quarter was 408.9 million USD and remained 310.68 million USD for the recent quarter.
Further the report mentions the total volume of XRP globally. ADV XRP achieved volume of 789.72 million USD in Q2 2022, less than previous quarter’s 862.59 million USD. Total XRP volume also went through a similar fate where it was 78.50 billion USD previously while 72.65 billion USD in the recent quarter. This makes the net sales of total volume percentage–wise, 0.42% in Q3 2022 which wsa 0.48% in Q2 2022.
Ripple Highlighted Several Shortcomings
Ripple noted the on-chain activity on the network for Q3 to remain 9/30 which was 6/30 in the previous quarter. Trustilnes were over 10.15 million which dropped to around 9.11 million. In contrast to other factors decreasing, the number of holders saw a slight jump from over 4.2 million to 4.3 million.
The trustlines shows the drop of more than one million given various projects losing the development and interest since the quarter was relatively challenging. Clearly the number of unique crypto wallets increased in comparison to the previous quarter which indicates the increase in numbers of XRPL users.
The overall XRP holdings in various Ripple wallets have seen a significant decline. The report noted the number fell below 50 billion XRP tokens, which is about 50% of the overall token supply. Ripple proponents claimed the control over XRP Ledger by Ripple led to the conclusion of XRP ownership by the company, denied by the company though.
Ripple’s Upcoming XLS-20 Update
Further the report went on to talk about a lot of recent important issues and their impact—be it the crypto market downturn, crypto regulations, NFT market and a lot more. One such insight was about the upcoming update from Ripple, XLS-20.
Ripple developers announced XLS-20 in the first quarter of 2022 intending to add the NFT support to its XRPL. The update was expected to give the developers and creators access to minting, trading and burning of NFTs over the network.
Moreover, there will be some advance features of assets’ co-ownership, automatic royalties along with several others, which will not need the smart contracts. The update is anticipated to go live in the last quarter of this year.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.