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Date:
11th Dec 2020
Author:
CryptoAltum Research Team

20% of RippleNet Partners use XRP and On-Demand Liquidity 11.12.2020


David Schwartz, the Chief Technical Officer (CTO) of Ripple, has revealed that 20 percent of partner banks connected to the RippleNET--a suite of solutions comprising On-Demand Liquidity, xCurrent, and xVia, use XRP. Ripple is a payments solution provider and a majority owner of the XRP coin.


Details: 

There are over 300 banks connected to the RippleNet suite. Out of these, 20 percent use ODL and XRP. Because of the absence of guiding regulations and pending court cases about XRP, most banks have steered clear from using the currency as a means of moving value cheaply, trustlessly, and instantaneously. With more banks plugged into ODL, using XRP to move funds and purchasing the coin from the open markets, the price of the digital asset will likely recover ahead of next year when Ripple will embark on an aggressive marketing campaign advocating for the use of XRP in cross-border transactions.


Impact on the XRP Price: 

Bullish. The more XRP finds utility, the better its prices will be. Unlike in previous arrangements, partner banks using ODL will now purchase coins from the open market and not directly from Ripple, a bullish development.


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