RippleNet Usage Surges In 2020 Q1
Summary
- RippleNet usage surges in 2020 Q1.
- Average daily XRP trading volume increases by 73%.
The first quarter of the year has been a strong one for Ripple. In addition to forming additional partnerships, the company’s platform RippleNet saw a surge in usage.
The platform has seen a rapid surge in usage amid COVID-19. This is attributable to Ripple’s ever-growing network in addition to financial institutions looking to digital solutions as many parts of the world remain in lockdown.
RippleNet Usage Surges
RippleNet is Ripple’s flagship offering, featuring a platform of financial services. RippleNet offers banks cost-effective, on-demand liquidity and payment settlement services.
According to Ripple’s 2020 Q1 insights, RippleNet’s On-Demand Liquidity (ODL) transaction volume in dollars, increased by 294% from Q4 2019. The usage surge is also evident as XRP liquidity indexes reaching new highs.
XRP Daily Volume
In addition, as RippleNet usage surges 294% in 2020 Q1, XRP daily volume has increased by 73%. In Q4 2019, the daily XRP volume was $187.3 million with the average daily volume seeing a 73% increase to $322.6 million for 2002 Q1.
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