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Total XRP Volume Saw 107 Percent Increase, According to Ripple's Q3 Report

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Fri, 11/06/2020 - 06:15
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Alex Dovbnya
Ripple shares the results of the previous quarter in its Q3 report
Total XRP Volume Saw 107 Percent Increase, According to Ripple's Q3 Report
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According to Ripple’s Q3 report, the total XRP volume witnessed a 107 percent spike in the third quarter of 2020, growing to $37.13 bln.   

The average daily volume of the world’s fourth largest cryptocurrency was $403.58 mln, which represents a 106 percent quarter-over-quarter increase.     

Ripple works with cryptocurrency market data provider CryptoCompare to filter out artificially inflated trading volumes. It only includes stats from top-tier exchanges defined by the firm.   

The company’s initial reports would take data from CoinMarketCap that was fraught with unverified volumes. 

XRP was ranked as the fourth most-traded cryptocurrency in Q3.     

The success of Ripple’s lending product 

Ripple also touted the success of its “Line of Credit” offering, claiming that it has so far seen an “overwhelmingly positive” feedback. 

As reported by U.Today, the San Francisco-based company started beta testing its new lending product in early October, offering favorable loans to RippleNet customers who use its On-Demand Liquidity (ODL) product.

Related
SBI Holdings CEO Confirms Ripple’s Plan to Move to Japan

Providing liquidity with XRP  

Ripple’s net of purchases totalled $35.84 mln in Q3, a 10 percent increase from $32.55 mln in Q2.

purchases
Image by ripple.com

Ripple’s ODL product provides liquidity for RippleNet members who are capable of making instant payments by using XRP as a bridge currency.

Overall, the company released three bln XRP in Q3, with the lion’s share of his sum (2.4 bln XRP) being returns to its escrow wallets.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.