Cryptocurrency Market Update: Ripple ODL platform raises eyebrows after moving 70 million XRP

  • Ripple ODL cross-border funds transfer platform continues to stand out in the market especially with MoneyGram as a partner.
  • Ripple CEO Brand Garlinghouse is worried the US will never catch to China in digital innovation.

The cryptocurrency community is impressed by Ripple’s ability to move 70 million XRP using the On-Demand Liquidity payments platform. The colossal transaction was highlighted by the Twitter bot XRPL Monitor. ODL is the largest blockchain-based liquidity platform currently working with XRP/MXN that has been developed by MoneyGram, Ripple’s strategic partner.

The other chunk of the transaction was done by Bithumb, a leading cryptocurrency exchange platform in South Korea.


Ripple’s CEO Brand Garlinghouse advises the US government to embrace digital currencies

The CEO of Ripple, Brad Garlinghouse has asked the United States regulators to change tactics and “lean into digital currencies.” In his opinion the US is trailing China when it comes to digital innovation.

As reported earlier, the People’s Bank of China (PBOC) is targeting to launch the digital yuan by the 2022 Winter Olympics. China’s digital currency is already in limited trial across four Chines cities. If results from the trials are satisfactory, China could even launch it as soon as next year. However, the exact timelines remain unknown according to a statement made this week by Yi Gang, the central bank governor.

Read more: China to debut sovereign digital currency by 2022 Winter Olympics – PBOC

Crypto market update

Meanwhile, the cryptocurrency market is becoming bullish at the time of writing. Buyers are working extremely hard to clear the short term hurdles that have continued to keep them away from the desired gains since Monday.

For instance, Bitcoin has moved above the confluence resistance discussed earlier in the day at $8,878. The crypto is trading at $8,920 after adjusting a higher 0.88% on the day. The short term target is breaking the resistance at $9,000 which will help shift the focus to $10,000.

Ethereum has not been left behind and like Bitcoin is improving the technical picture. The price is up 1.46% on the day to trade at $203. Over the last 24 hours, ETH/USD has sustained the trend above the initial support at $200.

Ripple on the other hand, is working hard to break the resistance zone at $0.20. Since Monday, it has not been easy to sustain the price above $0.1950. On the downside, support at $0.19 has kept the bearish pressure in check. A break above $0.20 could once again renew the momentum targeting $0.30.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Cash Price Forecast: BCH forced into consolidation between strong levels

Bitcoin Cash plummeted from $292.25 to $207.30 between September 2 to September 23. Following that, the price recovered till October 15, hitting the $262.65 resistance line.

More Bitcoin Cash News

Binance Coin Price Prediction: BNB awaits mega boost to yearly high

Over the last four weeks, Binance Coin has been on an upward roll. Before the uptrend, the token suffered a massive blow on hitting resistance at $34. However, support established at $22 put bulls back ...

More Binance News

Chainlink Price Forecast: LINK experiences repeated rejections at key price levels

LINK reached an all-time high of $19.35 on August 16 but then started a downward trend, reaching $7.65 on September 23. Since then, the decentralized oracle has reached around $10.85.

More Chainlink News

Cardano Price Analysis: ADA bulls in control, but the bears are waiting around the corner

Between September 2 and September 23, the price of ADA dropped from $0.125 to $0.76. Following that, ADA bounced up from a healthy support line and jumped to $0.11, as of writing.

More Cardano News


Bitcoin: BTC ready to escape from the range; bulls have $12,000 in mind

Bitcoin has been gaining ground amid positive fundamental developments. The flagship cryptocurrency is ready to break free from its current range and proceed with the recovery towards $12,000. 

Read the weekly forecast