Ripple Says XRP Remittance Volume Is On The Rise
Ripple is working hard to boost the XRP ecosystem and to also push the mainstream adoption of the digital asset.
Ripple CEO Brad Garlinghouse said more than once that the price of a digital asset is not even that important, and he highlighted that’s there are more important issues out there behind a project.
He pointed out the use cases and adoption of a coin, for instance. XRP is doing really great in these directions, and the coin’s price has also been able to bounce back following the massive crash of the crypto market on March 12.
At the moment of writing this article, XRP is trading in the green, and the digital asset is priced at $0.223781.
XRP remittance volume is on the rise
Ripple just said that the enterprise use of the XRP-based remittance platform is now on the rise.
In the quarterly report on XRP, the company sais that the transaction volume and the dollar value of transactions on the network spiked in the past months.
“Customers continue to see the value of XRP through significant cost-savings by eliminating the need to pre-fund international accounts,” according to the report.
The same notes continue and reveal that “From Q4 2019 to Q1 2020, RippleNet’s On-Demand Liquidity (ODL) service tripled in transaction volume, and the dollar value transacted increased by more than 294%.”
we recommend that you check out the complete Ripple report.
Ripple to disrupt the cross border payments industry
Not too long ago, Mike McGlone, Bloomberg’s senior commodity strategist believes that Ripple may successfully disrupt the cross-border payment space.
He said that “Ripple Labs’ 2019 partnership with MoneyGram suggests markets still see potential for disruption in cross-border payments, yet Ripple’s exposure to its own cryptocurrency threatens its enterprise software venture. The project’s investors, including Mastercard, Visa, Capital One, Citigroup and Bank of America, are likely just hedging.”
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.