XRP has notched up its major win by leaving behind ADA to grab the 6th position in the top 30 crypto assets by market cap. At the time of writing, XRP’s market cap stood at $18.8 billion while ADA is hovering at $17.9 billion.
Later this week, blockchain firm Ripple published its “Q2 2022 XRP Markets Report“. The report showed nearly $409 million worth of XRP in Q2 were sold compared to the $273.27 million in Q1, a 50% increase.
With respect to Q2 2022 sales and purchases of XRP, it said,
“Last quarter, total XRP sales by Ripple, net of purchases, were $408.9M vs. $273.27M USD the previous quarter. Ripple has continued to engage in sales solely related to ODL and these volumes have ramped up substantially as Ripple’s ODL business expanded globally.“
The report also highlighted the firm’s successful performance in Q2, despite the unfavorable broader market that saw the toppling of several crypto firms.
In May, Ripple worked together with Lithuania’s FINCI to provide retail remittances and business-to-business [B2B] settlements via its On-Demand Liquidity [ODL].
A few days back, the firm signed another deal with the Singaporean fintech firm FOMO Pay.
On the other hand, the highly anticipated Vasil hard fork got delayed for the second time as teams behind the Cardano blockchain development target a smooth network upgrade.
The upgrade initially slated to go live in June was postponed to prioritize a smooth network transition.
Here’s Why XRP’s Rival Slipped Behind
Many industry experts feel this postponement might have negatively affected the price of ADA, preventing it from following the general market recovery.
Input Output Global [IOG] technical manager Kevin Hammond pointed out that some testnet issues, with the Cardano node version 1.35.2 related to stake pool operators, Dapp developers, internal testing, etc identified on the testnet.
“The goal is that it will flush out any final issues as we go to the Vasil hard fork. What we’re doing is fixing on testing authority, getting it right, and not rushing,” Hammond added.
Analysts hope that as the Vasil hard fork approaches once more, it’ll trigger another rally in the price of ADA.