XRP as Bridge Currency Accounts for More Than One-Fifth of All Transactions on RippleNet

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Tue, 08/18/2020 - 08:19
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Alex Dovbnya
The XRP-powered ODL solution is responsible for more than 20 percent of all transactions on RippleNet
XRP as Bridge Currency Accounts for More Than One-Fifth of All Transactions on RippleNet
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Asheesh Birla, Ripple's SVP of Product, says that On-Demand Liquiditythe company’s solution for conducting frictionless cross-border paymentsis responsible for more than 20 percent of the total RippleNet volume.

This serves as a testament to Birla’s claim that blockchain is not just a promising technology, but it is actually being used.

ODL
Image by @ashgoblue

"Dozens" of Ripple's partners use XRP

Following a Financial Times article that details how Ripple is vying to reset its strategy after failing to gain traction with banks, its executives are now up in arms to prove the opposite.

The CEO, Brad Garlinghouse, took to Twitter to inform the company's critics that ODL's volume ballooned 11 times in just one year.

While Ripple's most prized partners, such as Santander Bank, refrain from touching XRP, "two dozen" of RippleNet's members, such as Viamericas, FlashFX, MoneyGram and Azimo, use ODL.

Ripple, a $10 bln blockchain behemoth, was recently recognized as one of the fastest-growing private companies in the U.S. by the business magazine Inc.

Over the past three years, Ripple's business has grown by 3,039 percent. In sharp contrast to this, the XRP token is down 88 percent over the last two and a half years.

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XRP Solving $10,000,000,000,000 Problem, Says Ripple CEO Brad Garlinghouse

Utility above speculation

Apart from the fact that XRP now accounts for a fifth of RippleNet’s volume, Birla also highlighted some other notable trends within the industry, such as Bitcoin crossing $12,000, the explosion of decentralized finance applications on the Ethereum blockchain and fiat-backed stablecoins.

Garlinghouse's 2019 forecast about how the next decade in crypto is going to be driven by utility is gradually translating into relativity, according to Birla:

What’s one common denominator here? Likely global uncertainty with fiat currencies, and many in the crypto industry focusing on utility, beyond just speculation. Examples like Dodgecoin aside, there’s a new, growing focus on an asset’s use case, its tangibility.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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, can be contacted at alex.dovbnya@u.today.