Ripple's ODL solution reaches All-Time-High volume!

in #english3 years ago

Ripple is working to adopt its On-Demand Liquidity (ODL) payment solution, which uses XRP to enable cost-effective and fast international transactions. Over the past year, the XRP transaction volume of ODL has increased dramatically. This already clearly shows the interest and the actual use case. Other companies could follow this trend and adopt ODL in combination with XRP in the future. According to data from the Liquidity Index Bot on Twitter, trading volumes in certain ODL payment corridors are at a new all-time high.

XRP reaches new all-time high in ODL

The main usecase of XRP is its role as a bridge currency in international payment transactions. In theory, this offers banks and payment service providers enormous advantages. As the name of ODL already suggests, it is all about liquidity, which is needed on a short-term basis and provided by XRP. With ODL, the overall risk in providing liquidity can be reduced and enormous savings can be made

Data from the Liquidity Index Bots show that a new all-time high has been reached in the ODL payment corridors for the Philippines and Australia respectively. The XRP/PHP trading pair reached a transaction volume of 7,419,715 XRP and the XRP/AUD trading pair reached a transaction volume of 6,417,460 XRP.

The figures below clearly show the increase in the last few days:

Relationship between ODL and XRP price

We can clearly see from the chart that the transaction volume in both corridors decreased in February and increased enormously again at the end of the month. This could perhaps be related to the fact that many people receive their salaries at the end of the month and therefore use the ODL payment solution to transfer money home at a low cost.

Also, this is the amount of XRP that was used for transactions. So the amount transferred also depends on the exchange rate. With a lower XRP rate I have to use more XRP to transfer my amount X from A to B and vice versa. So the fluctuations are also related to the volatility of the ripple price.

In the end, there is still no provable connection between the use of XRP in the context of ODL and a corresponding increase in the XRP price. Last year, for example, the transaction volume of ODL increased dramatically, but the XRP price still fell by about 50%. We are therefore curious to see how Ripple can hold its position with banks and payment service providers with its solutions and whether this will have a positive influence on the Ripple price.

Picture License

Posted from Crypto Mastermind Go to the original article

Coin Marketplace

STEEM 0.18
TRX 0.05
JST 0.022
BTC 16907.11
ETH 1244.19
USDT 1.00
SBD 2.15