Report Reveals That XRP Dominates Trading Volume At Australian Exchanges

By Kevin • January 20, 2023 6:34 pm • Comments

Neil Smith, a partner engineer at Ripple, just recently released a new publication that indicates that Ripple is dominating the crypto markets in Australia.

According to the publication, XRP makes up the highest percentage of trading volume at Australia’s top exchanges when compared to all other crypto tokens.

There can be many reasons for why XRP is gaining a lot of ground in international regions outside of the United States even when the crypto industry is currently in a bear market.

Trending: Ripple Spells Out Penalty Terms To SEC

For example, there are a lot of international remittances that now use the XRP ledger and this is likely one of the main reasons why there is a lot of transactions.

As more and more countries start to use international remittances that rely on the Ripple blockchain, it is expected that the XRP volume will continue to soar to new heights.

U.today reports:

XRP accounted for 62% of volumes on Melbourne-based BTC Markets and 82% of volumes on the Independent Reserve exchange over the past 24 hours.

BTC Markets chief executive Caroline Bowler said BTC Markets is a Ripple on-demand liquidity (ODL) partner for Australia, hence the reason why XRP took a larger chunk of its trading volumes.

“Effectively, ODL helps companies manage cross-border payments without requiring correspondent banking and pre-funding costs, It uses XRP to help facilitate part of this process, hence the trading volumes on our platforms.

It is a larger percentage on our platform, as crypto market volumes overall are still relatively flat across the industry.” Bowler was quoted as having said.

Because of the consistent demand from international financial institutions for Ripple’s On-Demand Liquidity service, it seems that the firm is not affected at all by the current lawsuit against the SEC.

In fact, the CEO of Ripple, Brad Garlinghouse, had previously stated that the company had continued to grow to a multi-billion dollar valuation despite the lawsuit.

If the SEC does happen to lose against Ripple, that would actually be considered an extra bonus for the value of Ripple and XRP.

However, the legal battle between Ripple and the SEC actually impacts far more than just Ripple itself as it will likely set the precedent on how the SEC will regulate the majority of digital assets in the future.

TheCryptoBasic reports:

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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