By Tobi LobaIn a recent release published by Ripple, the US-based blockchain tech, on its official website, the Ripple’s global network, RippleNet, has been driving the usage of the digital token XRP.
The publication shared that banks and payments companies are plunging in to leverage RippleNet’s On-Demand Liquidity for cross-border payments. This successfully serves as a better alternative to the traditional system of payment with improved processing efficiency.
For instance, the Money Transfer giant, MoneyGram makes Bitso, the Mexico-based leading exchange in Latin America, as its key exchange partner in Mexico, with the aid of RippleNet’s On-Demand Liquidity, (ODL) service.
According to Ripple, the ODL uses the digital token XRP as a real-time liquidity bridge between sending and receiving currencies. It also offers instant settlement and creates the most competitive FX rates.
Going by the fact revealed recently by MoneyGram, it has started moving over 10% of payments transacted between the United States and Mexico using On-Demand Liquidity (ODL), with plans to use the service in many other corridors in 2020.
Obviously, RippleNet has been functional in enabling financial institutions to connect with each other. So, the increase in network effects is expected to drive more liquid market and healthy financial products around the digital token XRP, bringing new entrants into the ecosystem in the process.
XRP in the Market
The market is becoming favorable once again for the top digital currencies, including Ripple’s XRP. There was a price retraction that affected virtually all the top coins some hours ago, and the ability to display resurgence looks like a positive sign of an upcoming bullish market.
At the time of filing this report, XRP is trading at $0.243664, with a 2.88% price increase in the last 24 hours.