|

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:

Editor's Picks

XRP slides amid a fragile crypto market structure
Ripple (XRP) falls for the second straight day, trading at $1.37 on Thursday. The broader cryptocurrency market remains fragile as investors weigh the impact of geopolitical tensions in the Middle East, which triggered persistent increases in Crude Oil prices while restricting shipping through the Straight of Hormuz and the Red Sea.
Bitcoin Price Forecast: BTC pressured amid ETF outflows, fresh US-Iran risks
Bitcoin (BTC) remains under pressure, trading below $78,200 at the time of writing on Thursday after declining nearly 3% so far this week. Weakening institutional demand, along with escalating geopolitical tensions between the US and Iran near the Strait of Hormuz, continues to dampen risk appetite and weigh on the Crypto King. Institutional demand for Bitcoin shows early signs of caution.
Top Altcoins Price Forecast: Ripple, Solana, and Cardano risk deeper losses
Ripple (XRP), Solana (SOL), and Cardano (ADA) struggle to extend last month's advance, pointing to moderating buying pressure. The technical outlook for XRP, SOL, and ADA suggests a mild near-term bearish bias as momentum weakens. Ripple trades around $1.3800 at press time on Thursday, extending losses after a bearish close the previous day.
Crypto Today: Bitcoin, Ethereum and XRP lose bullish momentum as structural support holds
Cryptocurrency prices are moderating on Thursday, with Bitcoin (BTC) dropping to test the near-term $78,000 support. Altcoins, including Ethereum (ETH) and Ripple (XRP), are echoing Bitcoin’s cautious sentiment, with ETH retracing to approximately $2,470 and XRP to $1.38.
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.