Ripple CEO, Brand Garlinghouse, revealed that XRP transaction volume increased by 85% in Q4 2019 and Q1 2020.
Ripple has strong momentum in Q1 2020
RippleNet currently has more than 300 financial institutions across the globe, witnessing an 85% increase in transaction volume in Q4 2019 and Q1 2020. In particular, Ripple’s On-Demand Liquidity (ODL) product is on the rise. further development by allowing cross-border payments without pre-funding. This product has grown by 190% in the same period.
Besides, Garlinghosue also predicts the following:
“The decline of fiat reminds me of the period the Weimar Republic was printing money en masse during the period of hyperinflation in 1921 to 1923, with people carrying wheelbarrows to buy a loaf of bread.”
However, Garlinghosue said he did not expect the economic crisis caused by the COVID-19 pandemic to pass quickly. And despite COVID-19, Ripple has weathered the storm successfully, and the company will be more aggressive in recruiting. Garlinghouse even predicts that the company will hire a strong team of up to 575 employees by the end of this year. Previously, the initial forecast was only 560 employees.
Sharing about XRP, Garlinghouse said:
“XRP is significantly more sustainable for payments compared to Bitcoin and Ethereum because of its high transaction speed and low energy consumption. We are going to continue to focus on how we use XRP as an effective tool for payments.”
Ripple also noted that central banks are actively working to integrate digital payments – a positive trend in the future. While many high-end banks such as Santander and PNC rely on Ripple’s software for frictionless payments, they do not use XRP for settlements.
You can check XRP price here.
Read more:
- Legend Peter Brandt Said Ripple Labs Has Blown The Wad Allocated To Support The XRP Price
- The Brazilian Bank Banco Rendimento Is The First Financial Institution To Migrate To RippleNet Cloud