|

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. 

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

XRP/USD daily chart

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

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.

More from Rajarshi Mitra
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Zcash Price Forecast: ZEC extends gains as derivatives turn decisively bullish

Zcash (ZEC) price extends gains, trading above $440 on Wednesday after rallying nearly 30% so far this week. ZEC’s rising open interest, elevated bullish bets, and a shift to positive funding rates all point to stronger demand.

Dogecoin Price Forecast: DOGE recovers on rising bullish bets ahead of Fed rate decision

Dogecoin (DOGE) holds steady by press time on Wednesday after a nearly 4% rise on Tuesday. Derivatives data indicate a surge in bullish bets and retail interest as the broader cryptocurrency market recovers on hopes that the US Federal Reserve (Fed) will reduce interest rates by 25 basis points.

Top 3 Price Prediction: Crypto bulls return as BTC eyes breakout, ETH surges, XRP strengthens

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are showing renewed strength at the time of writing on Wednesday as bullish momentum returns to the broader crypto market.

Top Crypto Gainers: WIF, PENGU, FET – Altcoins surge ahead of Fed’s rate cut

Dogwifhat (WIF), Pudgy Penguins (PENGU), and Artificial Superintelligence Alliance (FET) are leading the bullish charge over the last 24 hours.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.