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Ripple’s ODL and XRP are Tools for Making Better Remittance System: Weiss Ratings

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  • Yuri Molchan
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    The Weiss Ratings agency pays attention to Ripple’s recent expansion all over the world and says that its On-Demand Liquidity may improve the global remittance system

Ripple’s ODL and XRP are Tools for Making Better Remittance System: Weiss Ratings
Cover image via www.ripple.com
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As Ripple and its On-Demand Liquidity product powered by XRP are expanding their global presence, it has now caught the eye of the Weiss Ratings agency.

In its recent tweet, Weiss Ratings points out that Ripple’s ODL and XRP are aiming to create a liquidity pool of $2 trl to solve the current issues of the global remittance system.

‘XRP to fuel a global remittance replacement system – ODL’

Weiss Ratings agency has admitted that Ripple’s ODL and XRP have a chance to build a better remittance system to be used globally, thus solving the issues of the current system of remittances.

The biggest use case of ODL fueled by XRP so far is MoneyGram and the corridor for remittances to Mexico via the Bitso exchange, largest in Latin America.

Presently, around 10 percent of all transactions to Mexico are done by MoneyGram via Ripple’s ODL. As of late, U.Today reported that the liquidity index of XRP surpassed six mln on Bitso.

RippleNet keeps expanding. Recently, Ripple has partnered with other payments services, such as Finablr and TransferGo. The latter intends to provide XRP-based remittances to Africa, Latin America and South-East Asia.

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Ripple pours extra $20 mln into MoneyGram

A short while ago, Ripple invested $20 mln more in MoneyGram to complete its investment commitment. Now, Ripple’s stake in the remittance giant amounts to 15 percent.

Still, this does not seem to push the XRP price up. A few days ago, it went below the $0.25 mark, which is a psychologically important level for the market.

At press-time, XRP is trading at $0.2270, showing a 4.42-percent rise.

XRP price CMC
Image via CoinMarketCap

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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  • Alex Dovbnya
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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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