Ripple Launches A Loan Service for Clients Using XRP for Remittance
Ripple, the $10 billion company, is launching a new product called a Line of Credit. The service-- still in beta, is for their RippleNet clients who use the On-Demand Liquidity (ODL) for low fee and instantaneous remittance. Clients can borrow XRP from Ripple and be charged one fee on the amount borrowed. The XRP price rose four percent versus the USD on this news.
ODL incorporates XRP, which operates from the XRPL, to facilitate low cost, near-instant movement of value across geographies. Presently, most companies subscribed to RippleNet use xCurrent while only a dozen use ODL. There are regulatory reasons that may be behind this. However, the new service will most probably attract more users as it is core to Ripple’s plan of creating an Internet-of-Value (IoV).
Impact on the XRP Price:
Bullish. The more companies use XRP for remittance, the higher the chances of its prices surging above the current plateau towards $0.32, $0.45, or even highs of Sep 2018.
More market updates on our Blog