Ripple’s On-demand-Liquidity handled around $18 billion worth of transactions in 2022 or 60% of the almost $30 billion in volume completed on the network since the introduction of RippleNet.
This week, the U.S.-based blockchain company disclosed this fact in its “Q4 2022 Markets Report.” According to the report, the company dropped its total XRP sales and purchases in the fourth quarter from $310.68M to $226.31M. It is crucial to remember that Ripple exclusively sells XRP in conjunction with ODL transactions.
In 2018, Ripple launched On-Demand Liquidity, its flagship cryptocurrency-powered payment product, enabling clients to send money throughout the world without needing to set up correspondent banking relationships or pre-fund foreign accounts. The XRP coin simplifies international transactions and removes the need for middlemen.
Customers may swiftly and safely settle payments in the local currency at the payment target by using Ripple’s on-demand liquidity. Sending money this way is quick and easy since transactions are finalized instantly.
Ripple’s growth in ODL products and emphasis on crypto’s practical applications helped fuel last year’s ODL volume increase, as did rising consumer desire for frictionless payment methods. ODL was introduced in France, Sweden, and Africa during the previous quarter via collaborations with the leading payment gateway platforms in those areas. In addition, Ripple expanded its client base to include companies seeking the benefits of crypto-powered international payments.
However, with the case now fully disclosed, the community has been anticipating a favourable verdict before the end of the year, collecting the asset in record numbers and maintaining its sixth-place market capitalization.
According to CoinMarketCap statistics, XRP was trading at $0.41 at press time, a 3.35% rise over the previous 24 hours.
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