Ripple’s XRP token sales rose in the second quarter after reaching their lowest level in the first quarter, while the company’s liquidity-on-demand network remained popular.
According to Ripple’s quarterly report released on August 3, the company’s XRP token sales in the second quarter of 2020 were 18.6 times higher than in the first quarter. The crypto firm said XRP sales were $ 32.55 million between April and June this year, up from $ 1.75 million in the first quarter. The company has been criticized for maintaining a balance of XRP sales.
Ripple said the deal was launched by the company that prioritized over-the-counter sales over automated sales. This is said to be part of an effort to increase XRP liquidity for RippleNet On-Demand (ODL) customers. From mid-2019 to 2020, RippleNet achieved 11 times annual growth in ODL transaction volume.
XRP prizes increase 40%
Cointelegraph reported today that the price of the XRP token has increased by 40% in the past seven days and about 8.5% in the past 24 hours. Many are speculating that the symbol could rise to $ 0.30 if Bitcoin (BTC), which is currently $ 11,346, remains stable.
Higher prices attract investors. At least 30 new XRP whales now own between $ 240K and $ 2.4M, bringing the number of accounts with more than 1 million tokens to 3.7%.
Legal issues still arise
Ripple is currently in the middle of a lengthy class action lawsuit alleging the company misled investors by demanding to increase the price of XRP and sell the token as unlisted collateral. Cointelegraph recently reported that a team of attorneys representing the company and CEO Brad Garlinghouse argued that the allegations they made about reevaluating the use of the XRP token cannot prove to be false.