Ripple Buys $ 45 Million XRP
According to the report published by San Francisco-based Ripple, the company sold on-demand $ 81 million ODL (On-Demand Liquitidy) in the third quarter. In contrast, this figure was around $ 33 million in the previous quarter.
Additionally, Average Daily Volume (ADV) also increased significantly. ADV increased 106 percent to $ 404 million this quarter. The total volume of XRP in the third quarter of 2020 was reported as $ 37 billion.
Credit Line Launched by Ripple Increases ODL Sales
Ripple launched its new service called “Credit Line” in the last quarter. With this service, ODL customers can easily use XRP to borrow directly from Ripple.
Customers who purchase loans from Ripple through XRP using the Credit Line can thus avoid many procedures and meet their cash needs. According to the statement made by the company, “Credit Line” has been tested by ODL customers and it has been determined that the feedback is extremely positive. With this service, companies can use this capital to enter new markets and reach new customers or to invest more in their business.
The ODL payment service, previously called xRapid, used XRP as a bridge between two fiat currencies. The ability of ODL customers to keep the money in their preferred currency is considered to be advantageous over the old payment methods. With the “Credit Line”, ODL customers will now be able to easily perform their transactions in all currencies.
Why Is Ripple Buying XRP?
Ripple’s application, known as programmatic selling and selling XRP directly to the markets, was terminated in the last quarter of 2019, following the reactions.
The reactions from the cryptocurrency community were as follows;
“Ripple is selling billions of dollars’ worth of XRP and lowering the price. It is not possible for this kind of behavior to be accepted in the cryptocurrency world. Of course we know that XRP has great potential, but it needs to be ended immediately. “
Nowadays, the company, which wants to protect the market health and the current price of XRP , has started to buy XRP at market price . Published in the report, in the 2020 3.çeyreg Ripple ‘s 46 million worth of commercially purchased XRP can see that.