XRP Regains 7th Place In Crypto Market As More Payment Firms Onboard RippleNet

April 7, 2022 2:04 pm Comments

According to CoinMarketCap, Ripple has recently regained 7th place in the crypto market when it comes to blockchain projects that have the largest market capitalization.

The present total market cap right now for XRP is $37.46 billion which surpasses the likes of other popular coins like Terra, Cardano, and AVAX.

The recent growth in market cap can be attributed to the fact that more and more payment solution firms are onboarding RippleNet now, especially in regions in the world outside of the United States.

In particular, the firm has reported astounding growth in the APAC and MENA regions where the demand for quick settlements for payment transactions is skyrocketing.

As a result, RippleNet was chosen as a blockchain solution to resolve that very issue and is growing in popularity in the area.

U.today reports:

APAC reportedly is one of the fastest-growing regions for RippleNet, where transactions have risen 130% year-over-year. In recent years, APAC (Asia Pacific) has risen to dominate the digital banking business, accounting for 20% of the world’s approximately 250 digital banks.

As previously covered by U.Today, iRemit, a non-bank remittance service provider that leverages Ripple’s ODL to process Australia-to-Philippines remittances, has announced a partnership with Velo labs to unlock the $34 billion cross-border payment market in the Philippines.

Last year, Novatti Group announced joining Ripple’s global payment network to tap RippleNet’s On-Demand Liquidity (ODL) service—leveraging the digital asset, XRP, for cross-border payments.

Ripple and Novatti’s efforts targeted first the Australia-Philippines corridor through a partnership with iRemit, the largest Filipino-owned non-bank remittance service provider.

Ripple is also aware of the increasing potential of blockchain projects that aim to be environmentally sustainable due to the inevitable issues of climate change.

Carbon credits seem to be a up and coming in order to help counteract some of the carbon issues that exist today.

To add on to that, Ripple has also announced a partnership with Invert to help support carbon reduction.

The partnership aims to continue projects that follow that same roadmap which involves credit generation projects that will entice organizations to support the environment.

All of these recent announcements come at the same time as the ongoing SEC lawsuit that Ripple is starting to slowly make progress on.

CryptosNewz reports:

In an update posted by the defense attorney James K. to fill, the SEC has filed an amended declaration from Valerie Szepnik regarding a meeting she attended with Coin Center.

The original announcement states that the meeting was held on June 20, 2018 and the revised declaration corrects the date to June 20, 2017.

This announcement still concerns proposed amendments to the notes of SEC staff meetings with third parties of the SEC.

Magistrate Judge Sarah Netburn ordered the US Securities and Exchange Commission to submit all of its suggested amendments for in-camera review. The SEC has to file them before April 8.

XRP’s current position is expected to change rapidly as the lawsuit comes closer to an end and if Ripple Labs eventually becomes a public company.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.