20% of RippleNet transactions occur using XRP – Ripple exec
- Ripple exec Asheesh Birla said that 20% of RippleNet transactions occur using XRP.
- Ripple’s on-demand liquidity (ODL) solution leverages XRP by default.
- An earlier report suggested that ODL customers receive incentives from Ripple for utilizing the solution.
The SVP of product and corporate development at Ripple, Asheesh Birla, took to Twitter to note that 20% of RippleNet transactions occur using XRP digital assets.
It’s been a wild few weeks in crypto! OCC has greenlighted banks to get involved, #Bitcoin hits $12,000, DeFi is booming, futures products are soaring, and adjusted txn value for stablecoins hit an all-time high. And this is just a fraction of the news… (1/7) pic.twitter.com/XCGr9DaEVg
— Asheesh Birla (@ashgoblue) August 17, 2020
The transaction volume of the ODL solution or RippleNet is unclear. While RippleNet does not leverage XRP by default, its customers have an option to use it. On the other hand, ODL leverages the XRP token by default.
In November 2019, Ripple had mentioned that over two dozen customers use its ODL solution, including MoneyGram and Viamericas. According to an earlier The Block report, most of these customers receive Ripple's incentives for utilizing the solution.
Currently, The ODL solution supports the markets of Australia, the Philippines and Mexico. Ripple recently noted that support for Brazil is “coming soon.” Additional corridors across the Asia-Pacific region, Europe, Middle-East, Africa and Latin America are also in progress for this year.
XRP/USD daily chart
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XRP/USD has had two straight red sessions and is hugging along the lower curve of the 20-day Bollinger Band. This Saturday, the price has dropped from $0.2792 to $0.2776. The Elliott Oscillator has had five straight red sessions, showing that current market sentiment is bearish. XRP/USD has strong resistance levels at $0.2957 (SMA 20) and $0.31055. On the downside, we have two healthy support levels at $0.244 (SMA 50) and $0.226.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
