November has been an exciting month for the XRP community, with several interesting developments and new use cases for the altcoin and its blockchain.
XRP is one of the leading crypto assets by market cap and has been in the top 10 for nearly a decade despite regulatory uncertainty in the US, as highlighted by Attorney John Deaton in a recent report.
The 7th largest crypto by market cap has had an exciting November with several developments. Notably, it started the month on a high as the XLS-20 amendment went live just at the end of October, ushering XRP holders into November with native NFT functionality. One week after, over 240k NFTs and 9000 collections launched on the XRP Ledger.
At the same time, leading stablecoin issuer STASIS disclosed that it had successfully integrated its popular euro (EUR) stablecoin EURS on the XRP Ledger. Recall that the platform had declared plans to do so in February, per a report by The Crypto Basic. Consequently, XRPL users can now access the largest euro stablecoin in crypto.
Meanwhile, early in the month, Propr Home, a Portuguese-based blockchain real estate marketplace, announced its plan to utilize the XRPL. Specifically, the marketplace revealed plans to utilize NFTs on the XRPL to tokenize properties for more efficient distribution.
As the month progressed, new milestones of Ripple’s On-Demand Liquidity (ODL) service, which utilizes the XRPL and XRP to facilitate near-instant settlements and remittances, came to the fore. Notably, Ripple announced a partnership with MFS Africa, bringing the ODL service to its sixth continent. The partnership promises to enable swift cross-border payments on the continent using XRP as a bridge currency.
On the same day, Ripple revealed that the ODL was now serving nearly 40 payout markets, representing 90% of the forex market. In addition, the company has added machine learning capabilities to scale the service as it continues to expand.
Soon after, XRPL developers revealed plans to work on a XUMM wallet on/off ramp supporting 13 stablecoins in a partnership with Gatehub. While Wietse Wind asserts that the feature might take a while to roll out, he assured users that they could convert their XRP to fiat using the feature. It represents a significant step that could eliminate the heavy reliance on centralized crypto platforms.
Days later, The Crypto Basic reported that Bank of America was interested in utilizing Ripple’s ODL service, according to statements from Ripple chief Brad Garlinghouse. Garlinghouse’s statements implied that the investment bank is looking to onboard the service at the end of the US Securities and Exchange vs. Ripple lawsuit. Notably, attorney James K. Filan sees the case concluding on or before the end of March.
Now, Ripple has disclosed that it is working to develop a digital currency strategy with the Republic of Palau. The government plans to explore the development of a national digital currency with use cases on the XRPL.
Unsurprisingly, all of these developments have impacted the price of XRP. It is trading at the $0.409415 price point today, up 5.1% in the last two weeks per CoinGecko data.