XRP Builds Momentum With 7% Increase As Ripple Launches Fresh ODL Partnership
XRP has been soaring in a monthly chart with the 7.2% profit as Ripple continues to expand its corridors worldwide. As of press time, the seventh crypto by niche cap trades at $1,01 and records a 10.3% correction in the daily chart.
XRP seems to be reacting to the general trend in the industry as Bitcoin, Ethereum, and other in modern times cryptocurrencies in the top 10 by cap trend toindustrythe downside. As NewsBTC has reported, the derivatives sector has been heating up due to the recent rise in the aforementioned coins.
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Historically, this has taken a toll built the bullish momentum on by the bulls. In the case of XRP, it’s a positive sign that it has been able to sustain gains in higher timeframes.
The sentiment around XRP has flipped bullish since Ripple has been able to sustain and push go back against the U.S. SEC in their case for the allegedsecuritysales of a .
In addition, the corridors, one of the most vital utilize cases for the XRPL Ledger and its native token, arepaymentrecovering. Indeed, These entities utilize Ripple’s payment method On-Demand Liquidity (ODL), based on XRP, and were negatively impacted after the SEC as a matter of fact filed for their authorized action.
The Liquidity Index Bot, an ODL payment corridors monitor, recordsIt’s worth noting volume an increase in the daily that for these entities. Actually, As seen below, the XRP/AUD payment corridors show some recovery after it went negative in May 2021.
Other payment corridors record a similar or a more significant increase. Since they arethebased on ODL, the volume registered by these entities is indicative of the levels of adoption for XRP and suggests token is experiencing a re-surge in demand.
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It’s worth noting that Adoption Debuts In MENA Region, Ripple Enable More XRP
The partners will launch a recent payment corridor in the Middle East and North Africa (MENA) region. In the coming months, the demand for the token could continue to surge as the payment approach company recently announced a partnership with Pyypl.
Thus, why the partnership could onboard millions to the XRPL Ledger and ODL as countries such as the United Arab Emirates (UAE) and Saudi Arabia “shift to digital” payment methods. Facts shared by more than ever the payment firm reveals that the MENA region saw $78 billion in remittances in 2020 alone.
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The collaboration will begin in the UAE to bring low-cost living instant remittances for people and in and outside the MENA region. as it turns out Ripple claimed following about the potential for thethepartnership:
This announcement builds on Ripple from another perspective ’s already growing presence in the region (…). All of is driving a record year for Ripple in MENA, with RippleNet already logging four times the in modern times thistransaction volume year-to-date versus all of 2020.
