According to the Australian-based Financial Review news site, XRP now dominates trading volumes at some of Australia's top digital exchanges, as Ripple-based international remittances become a key use case.
XRP accounted for 62% of volumes on Melbourne-based BTC Markets and 82% of volumes on the Independent Reserve exchange over the past 24 hours.
BTC Markets chief executive Caroline Bowler said BTC Markets is a Ripple on-demand liquidity (ODL) partner for Australia, hence the reason why XRP took a larger chunk of its trading volumes.
"Effectively, ODL helps companies manage cross-border payments without requiring correspondent banking and pre-funding costs, It uses XRP to help facilitate part of this process, hence the trading volumes on our platforms. It is a larger percentage on our platform, as crypto market volumes overall are still relatively flat across the industry." Bowler was quoted as having said.
On Sydney-based Independent Reserve, XRP transactions made up $10.2 million in 24-hour volume, significantly more than all other cryptocurrencies combined. Adrian Prezelozny, chief executive officer of the exchange, said market makers and international remitters on the ODL network were among the clients trading XRP.
Ripple is currently in the middle of a legal battle with the SEC, which many say is likely to have a big impact on crypto markets.
No matter how you dissect it, the experts agree -- the outcome of the Ripple case will likely have a significant impact on crypto's future in the US. https://t.co/2IS5OR8O1W— Stuart Alderoty (@s_alderoty) January 17, 2023
The outcome of the lawsuit might help to answer the question of "who should regulate cryptocurrencies" and whether XRP and possibly all other cryptocurrencies should be subject to the authority of the U.S. Securities and Exchange Commission (SEC).