Xrp Climbs Up

According to statistics from CoinMarketCap, XRP is now the seventh most valuable cryptocurrency in terms of market value. With a current market capitalization of $37.43 billion, XRP has surpassed Solana (SOL), Terra (LUNA), Cardano (ADA), and Avalanche . Since Monday, the bulk of cryptocurrencies have suffered a significant decline, wiping out both daily and weekly gains. At the time of publication, XRP was trading at $0.7787.

Coinmarket Cap XRP 6th position
Image Credit: CoinMarketCap

Growing use of RippleNet’s On-Demand Liquidity (ODL) service in the APAC and MENA regions has resulted from increased demand for speedy settlements and instant access to cash.

APAC is apparently one of the fastest-growing markets for RippleNet, with transactions increasing by more than 130 percent year on year in the region. In recent years, APAC (Asia Pacific) has grown to become the dominant region in the digital banking industry, accounting for around 250 digital banks throughout the globe, or 20% of the total.

The Philippines’ $34 billion cross-border payment market has been unlocked, as previously reported by HodlCryptonite in this article. iRemit, a non-bank remittance service provider that uses Ripple’s Open Decentralized Ledger to process Australia-to-Philippines remittances, has announced a partnership with Velo labs to unlock the Philippines’ $34 billion cross-border payment market.

Last year, Novatti Group stated that it will be joining Ripple’s global payment network in order to use RippleNet’s On-Demand Liquidity (ODL) service, which would allow it to make cross-border payments using the digital currency XRP.

In the initial phase of their efforts, Ripple and Novatti targeted the Australia-Philippines corridor via a cooperation with iRemit, the world’s biggest Filipino-owned non-bank remittance service provider.

Along with this announcement, Ripple also announced a cooperation with Invert to boost carbon reduction and removal programs and to aid in the battle against global climate change. Through their collaborative efforts, Ripple and Invert will vet and expedite the deployment of money in order to establish a bigger portfolio of credit generating initiatives.