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

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Thu, 11/28/2019 - 10:42
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Yuri Molchan
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.

Related
Ripple-Powered Finablr Teams Up with Alipay to Conduct Transnational Payments

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 crypto 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 in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.