Blockchain company Ripple sold $408 million worth of XRP in the second quarter of 2022, according to its latest report. That is, it sold 49 percent more altcoins than in the previous quarter. Here are the details…
Ripple boosts altcoin sales
Ripple announced the latest data for the second quarter of 2022. Total sales accounted for 0.47 percent of global XRP volume. Ripple attributed the growth in sales to the increased adoption of its “On Demand Liquidity” product. The company claims to have recorded a “record quarter” for its ODL product as usage of the product continues to expand worldwide. Its volume has grown ninefold year over year.
In particular, treasury flows and lump sum payments now account for a larger share of volume, with ODL’s use cases going beyond traditional remittances. In December 2020, the company was sued by the US Securities and Exchange Commission (SEC) for alleged illegal sales of XRP. The closely watched case is expected to be resolved next year. Ripple says in its report that it will continue to push for “quick resolution” of the case. The company once again emphasized that solving the case will be important for the entire industry.
Recent events in the legal battle
Meanwhile, Ripple revealed the latest items for its legal fight with the SEC. The following developments have taken place since Ripple released its Q1 report: On April 22, the SEC stated that Ripple had not adequately warned both Ripple and the broader market that XRP was considered an investment contract. made a move to counter his defense.
On April 19, attorney John Deaton claimed that he did not represent the interests of the SEC and was actually damaging. He filed a lawsuit to intervene on behalf of more than 12,000 XRP holders (and others). On April 16, Ripple filed a petition seeking to stop the SEC from communicating with foreign regulators and seeking discovery outside of the federal procedural rules and The Hague Convention on this matter. On April 6, Ripple’s motion to force discovery was largely accepted by the Court. The SEC is required to produce documents related to BTC, ETH, and XRP.
On March 19, Ripple prevailed in its lawsuit against Tetragon, a Ripple investor. The judge said that since there is no official determination as to the status of XRP, the claim that a “security default” as described in Tetragon’s investment documents has occurred is false. Ripple also earned $3.5 million in attorney fees and expenses.
