By Tobi Loba
Ripple, the cross-border payment company has recently published the quarterly XRP Markets Report, in its quest to provide transparency and regular updates regarding the view of the company on the state of the XRP Market.
This report also includes quarterly programmatic and institutional updates, coupled with XRP-related announcements, such as Xpring and RippleNet partnerships.
RippleNet’s On-Demand Liquidity (ODL)
According to the report, customers are getting to know the value of XRP through the significant cost-savings by eliminating the need to pre-fund international accounts.
The report says, from Q4 2019 to Q1 2020, RippleNet’s On-Demand Liquidity (ODL) service tripled in transaction volume, and the USD value transacted increased by over 294%.
The report speaks about the partnership between Ripple and Azimo:
“Of note, Ripple and Azimo, a UK-based digital money transfer service, announced their partnership to use the digital asset XRP in cross-border payments. Azimo launched its service to send payments to the Philippines and, within a few months, ODL saved the company 30%-50% when arranging currency transfers between customers in the Philippines and those in the UK and Europe.”
Regarding the Integrations and liquidity of XRP, the report describes XRP liquidity as the “lifeblood” of Ripple’s On-Demand liquidity for cross-border payments, adding that Q1 saw the integration of XRP into a number of additional exchanges and liquidity instruments.
As for the open-source community of developers, Xpring, the report says that it continues to build products and supports innovation on the XRPL through improvement to the technology.
About Xpring development, the report says:
“Last quarter, Xpring launched new tools, services, and documentation for developers including XRP Ledger Mainnet support in the Xpring SDK and support for Interledger Protocol (ILP) STREAM on Testnet in the xpring.io wallet.”
Moreover, the report mentioned that Xpring partner Anchorage made an announcement for the support of XRP, which enabled its growing roster of enterprise customers to safely store XRP for various use cases. Also, the famous wallet BRD announced support for XRP in Q1.