Ripple giant has announced launch of new ODL corridor
Ripple recently announced a new strategic alliance that has allowed it to establish a new ODL corridor with a significant profit margin. In the tweet, Ripple notes that 70% of this astounding number, or close to $1 trillion, is the potential value of mobile money in Africa. The largest mobile payment gateway in Africa is called MFS Africa, and it has several clients in 35 different nations.
Ripple Adds New ODL Corridor with Potential Value of Nearly $1 Trillion, Here’s Where
After extending its network of ODL corridors to several nations, Ripple has teamed up with a significant African fintech startup to help it establish quick and affordable payments for its clients worldwide. On-Demand Liquidity is referred to as ODL.
Due to the continent’s rapidly expanding use of mobile cash transfers, it has become necessary for MFS Africa to implement an electronic payment system. Most mobile payment users worldwide are anticipated to come from Africa and the Asia-Pacific area shortly, making up 70% of the world’s population. As a result, these regions are likely to draw many wire transfer enterprises. They can get capital using Ripple’s ODL rather than through conventional channels.
The ODL platform considerably reduces the number of issues, such as excessive commissions and lengthy settlement periods, that typically arise when making cross-border financial transfers via conventional payment rails.
We’re thrilled to announce that our On-Demand Liquidity (ODL) solution is expanding via our partnership with @MFS_Africa!
Africa holds 70% of the world’s $1T mobile money value, and ODL will further enhance digital payment rails across the continent.https://t.co/Ywd4dzBnZA
— Ripple (@Ripple) November 15, 2022
Ripple introduced numerous additional new ODL corridors earlier this year. An On-Demand Liquidity corridor was developed in Brazil through the extensive local Travelex Bank. A new payment liquidity corridor was also introduced in the UAE when Ripple’s partner Trango expanded there. A new ODL platform was also hosted by France and Sweden in collaboration with the Paris-based payment processor Lemonway and the Stockholm-based remittance platform Xbaht.
XRP is currently up 11% in the last 24 hours
On November 14, the price of XRP surged from a low of $0.32 to a high of $0.378 due to rumors that the Ripple SEC litigation would be resolved. The bullish trend persisted until Tuesday, when at press time, XRP hit intraday highs of $0.388.
At $0.385, XRP has increased 11% in the past day. On Nov. 15, according to a chyron that appeared on Maria Bartiromo’s “Mornings with Maria” segment on Fox Business, the lawsuit will be resolved.
— Eleanor Terrett (@EleanorTerrett) November 14, 2022
Eleanor Terrett, a Fox Business news reporter, tweeted that a Ripple representative had told her that the claims were untrue. The XRP community is buzzing with theories about the incident, and several questions have been put out, including if it was an accident or whether it suggests a settlement may genuinely be imminent. A participant in the Ripple lawsuit and crypto influencer Ben Armstrong, aka BitBoy, turned to Twitter to discuss the case with the XRP community. “XRP is pumping a little, so do insiders know something about the Ripple lawsuit that we don’t,” tweeted XRPcryptowolf, an XRP user.
Another XRP user named “Marco” interpreted the rumors as indicating that a “real settlement” might be on the horizon and stated: “Something strange is happening, something that tells me it is not a normal mistake, also, Ripple or Bgarlinghouse would have already denied it…if the river sounds, it is because it has water.” He used the lack of an official response from Ripple or even its CEO, Brad Garlinghouse, as evidence.
According to Ripple CEO Brad Garlinghouse, the litigation will probably be resolved in the first half of 2023. Garlinghouse claimed that since XRP is acknowledged as a nonsecurity, Ripple would consider settling with the SEC.
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