RippleNet (XRP) Has Processed Over $30 Billion Since Launch

April 30, 2023 12:43 pm Comments

Ripple has recently revealed that its XRP-powered solution, RippleNet, has reached a new milestone and has processed around $30 billion since its launch.

This is quite significant as this represents over 20 million different transactions that were powered through the use of XRP.

It proves the value of XRP as well as the increasing demand that financial institutions around the world have for a payment network that allows for fast and cheap cross-border transactions.

So far, the global payment network spans many different regions around the world which includes Brazil, the UAR, Mexico, Singapore, and most recently India.

Based on this trajectory, it is expected that adoption will continue in more regions in the future as the XRP-powered system gains more adoption.

CryptoGlobe reports:

The regions served by Ripple’s network are responsible for a significant portion of global remittance volume, with India and Mexico leading the way in remittance inflows during 2022, at $100 billion and $60 billion respectively. India has consistently topped the list for the past 15 years, the publication details.

Ripple also emphasized the expansion of its payment solution to nearly 70 payout markets worldwide, which account for up to 90% of the global foreign exchange market.

The guide also unveiled that Ripple processed over $1 billion in transaction volume in the Asia-Pacific (APAC) region, which includes countries like India and Singapore, during the first quarter of 2022 alone.

RippleNet, it’s worth noting, uses the XRP token for its On-Demand Liquidity (ODL) solution, but not for every service it offers.

As it stands right now, there are hundreds of different financial insitutions around the world that currently use RippleNet through a single API which highlights the convenience of the solution.

At the same time, however, the lawsuit between the SEC and Ripple still drags on as the SEC accuses Ripple for raising capital through an unregistered securities offering.

If the lawsuit becomes resolved soon and lands in Ripple’s favor, it is expected that adoption of RippleNet will skyrocket.

Even with the worst case scenario, it is still clear that global expansion of RippleNet will continue as Ripple has already succeeded in the past few years despite being shut out of the US market.

CryptoGlobe concludes:

The value of XRP has notably been affected by the U.S. Securities and Exchange Commission’s (SEC’s) lawsuit against Ripple and two of its executives, alleging they “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”

The lawsuit hasn’t been resolved yet. As CryptoGlobe reported, according to popular cryptocurrency analyst Ali Martinez, the native token of the XRP Ledger could soon see a 73% surge to the $0.80 mark if it can secure a 3-day candlestick close above the $0.46 level.

Last month, XRP’s price bucked a bearish trend in the wider cryptocurrency sector as Ripple’s Chief Legal Officer Stuart Alderoty explained that the most recent ruling in the case left him feeling more confident than ever about Ripple’s chances of winning.

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