XRP Builds Momentum With 7% Increase As Ripple Launches New ODL Partnership
28 Octobre 2021 - 12:00AM
NEWSBTC
XRP has been soaring in the monthly chart with a 7.2% profit as
Ripple continues to expand its corridors worldwide. As of press
time, the seventh crypto by market cap trades at $1,01 and records
a 10.3% correction in the daily chart. XRP seems to be reacting to
the general trend in the market as Bitcoin, Ethereum, and other
cryptocurrencies in the top 10 by market cap trend to the downside.
As NewsBTC has reported, the derivatives sector has been heating up
due to the recent rise in the aforementioned coins. Related Reading
| SEC Takes Blow In Action Against Ripple, Will It Impact XRP
Price? Historically, this has taken a toll on the bullish momentum
built by the bulls. In the case of XRP, it’s a positive sign that
it has been able to sustain gains in higher timeframes. The
sentiment around XRP has flipped bullish since Ripple has been able
to sustain and push back against the U.S. SEC in their case for the
alleged sales of a security. In addition, the payment corridors,
one of the most important use cases for the XRPL Ledger and its
native token, are recovering. These entities use Ripple’s payment
solution On-Demand Liquidity (ODL), based on XRP, and were
negatively impacted after the SEC filed for their legal action. The
Liquidity Index Bot, an ODL payment corridors monitor, records an
increase in the daily volume for these entities. As seen below, the
XRP/AUD payment corridors show some recovery after it went negative
in May 2021. Other payment corridors record a similar or a more
significant increase. Since they are based on ODL, the volume
registered by these entities is indicative of the levels of
adoption for XRP and suggests the token is experiencing a re-surge
in demand. Related Reading | Ripple Surges 15% Following News That
It Wants To Go Public XRP Debuts In MENA Region, Ripple Enable More
Adoption In the coming months, the demand for the token could
continue to surge as the payment solution company recently
announced a partnership with Pyypl. The partners will launch a new
payment corridor in the Middle East and North Africa (MENA) region.
Data shared by the payment company reveals that the MENA region saw
$78 billion in remittances in 2020 alone. Thus, why the partnership
could onboard millions to the XRPL Ledger and ODL as countries such
as the United Arab Emirates (UAE) and Saudi Arabia “shift to
digital” payment methods. Related Reading | Ripple Announces
New Payment Corridor in Japan As XRP Rallies 23.5%, More Profits
Ahead? The collaboration will start in the UAE to bring
low-cost and instant remittances for people living in and outside
the MENA region. Ripple claimed the following about the potential
for the partnership: This announcement builds on Ripple’s already
growing presence in the region (…). All of this is driving a record
year for Ripple in MENA, with RippleNet already logging four times
the transaction volume year-to-date versus all of 2020.
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