Main navigation

Ripple Gains Ground in Australia as XRP Transactions Take Lead on Exchanges

Wed, 01/18/2023 - 10:34
article image
Tomiwabold Olajide
Ripple leads trading volumes on Australia's top exchanges
Ripple Gains Ground in Australia as XRP Transactions Take Lead on Exchanges
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Ripple is gaining immense ground in Australia, according to "A Financial Review" publication shared by Neil Smith, partner engineer at Ripple.

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.

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).

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.