Ripple said that the ODL system, going beyond payments and traditional remittance services, recorded a 9-fold increase year-on-year, while a record was broken in the 2nd Quarter of 2022. ODL is defined as a liquidity platform that uses XRP to realize low-cost cross-border payments on the RippleNet network. In its report, Ripple stated that a significant part of the volume in the second quarter of the year stemmed from treasury flows and lump-sum payments.

Ripple also announced that it sold 408.9 million XRP through its ODL service in the second quarter of the year. The company sold $273 million in XRP in the first quarter of the year, increasing its XRP sales by about 49 percent compared to the previous quarter, but this sales figure only accounts for 0.47 percent of the circulating XRP volume. The increase in XRP sales is considered the most important input for the growth of the ODL service.

*All ODL-related sales are attributed to the growth and adoption of ODL

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On the other hand, the financial report showed that the total trading volume of XRP in the second quarter of 2022 decreased from $ 96.83 billion to $ 78.5 billion. This decline was attributed to the general decline in the cryptocurrency markets in the report statement.

XRP Ledger updated for NFT support

Ripple has updated the XRP Ledger this year to add Non-Fungible Token (NFT) support and allow developers to print and trade NFT on the platform. Dubbed the XLS-20, the update offers automatic copyright, co-ownership of assets, and many advanced features without the need for smart contracts. Ripple believes the XRP Ledger can handle the overhead, while explaining that it is conducting extensive testing to ensure NFTs are scalable and stable.