XRP Volumes Spike in Australia’s Top Crypto Exchanges as Traders Tap into Ripple’s ODL.
Ripple (XRP) has overtaken Bitcoin, Ethereum, and other cryptocurrencies becoming the most traded asset at some leading crypto exchanges in Australia, the Financial Review reported Wednesday.
According to the report, San Francisco-based Ripple Inc, an entity that issues cryptocurrency for international remittances reported a surge in XRP’s trading volume since Tuesday, accounting for 82% of all cash volume on the independent reserve exchange.
Likewise, Melbourne-based exchange BTC Markets noted that XRP trades accounted for 62% of all its cash volumes in the past 24 hours. Elsewhere, Sydney-based crypto exchange Independent Reserve reported a similar scenario, stating that Ripple transactions accounted for $10.2 million in 24-hour volume, which was far more than all other cryptocurrencies combined over the period.
The spike has been attributed to Ripple’s dominance in the cross-border payments sector. In the past three or so years, financial service providers in Australia have been trying to position themselves as market leaders when it comes to settling international payments, greatly benefiting Ripple.
Caroline Bowler, CEO of BTC Markets attributed ripple’s overnight success to a partnership between her exchange and Ripple as an on-demand liquidity (ODL) partner for Australia. Launched in 2018, Ripple’s ODL helps individuals and enterprises to make cross-border payments using XRP without the need for third parties and pre-funding costs.
“It (ODL) is a larger percentage on our platform, as crypto market volumes overall are still relatively flat across the industry,” said ms Bowler.
Apart from a spike in participants on the ODL network, Ripple’s exchange dominance has been attributed to growing optimism toward the SEC vs Ripple case. The lawsuit, which has been in full throttle since December 2020 is expected to have a huge impact on the crypto industry as a whole, and affect Ripple’s market value greatly. In the meantime, however, Ripple adherents, particularly in Australia continue to invest in the ecosystem and push for crypto regulations.
Meanwhile, despite the news, XRP is yet to react and has been trading in a tight squeeze for the past four or so days. At press time, the crypto asset was exchanging hands at 0.3867 down 0.55% in the past day.
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