Ripple Reports: The value of the US dollar transferred by ODL has increased more than 100 times from Q1 to Q4 2019
The value of the US dollar transferred by ODL has increased more than 100 times from Q1 to Q4 2019 and especially grew by 650% from Q3 to Q4. The company also reported that the number of ODL transactions also increased significantly by 390% between Q3 and Q4.
Ripple Labs headquarters in San Francisco, USA | Design and photos: Homepolish
Ripple, the US-based blockchain technology, recently published its Q4 financial and performance reports. Many important aspects were discussed extensively in the report. But one of the aspects in the report that caught the attention was the significant increase in On-Demand Liquidity (ODL).
Ripple reported at the Swell conference last November that more than 20 companies are using ODL. Some of them include US Moneygram and Australian FlashFX.
ODL, which has supported two money transfers with US dollars = Mexican pesos and US dollars = Philippine pesos, has also added money transfers to Australia and US dollars to the euro. By 2020, they plan to add new money transfer routes to APAC (Asia Pacific), EMEA (Europe, the Middle East, and Africa) and LATAM (Latin America and the Caribbean).
The numbers really speak volumes. It directly claims the performance of the popular On-Demand Liquidity of the year.
It is Ripple’s practice to publish the Quarterly XRP Market Report to serve as a means of showing transparency, along with regular updates on the payment company’s position on the market situation of the XRP digital token.
In addition, Ripple made an investment in Bitso, the largest exchange in Mexico, to support RippleNet’s US-MXN corridor by providing critical liquidity for payments. Last year, Ripple launched ODL capabilities with MoneyGram into Mexico, with Bitso as the key exchange partner. MoneyGram has publicly reported that they have moved more than 10% of its transaction volume between the United States and Mexico through ODL.
Continued Pause in XRP Sales
Moreover, Last quarter, total XRP sales were $13.08 million (USD) vs. $66.24 million the previous quarter. In addition, Ripple continued the pause of programmatic sales, focusing solely on over-the-counter (OTC) sales with a few strategic partners, who are building XRP utility and liquidity in strategic regions including EMEA and Asia. Total sales (OTC-only, given programmatic pause) ended the quarter at 8bps of CCTT—this is compared to total sales in the previous quarter (OTC + programmatic) of 36bps of CCTT, representing a 78% drop QoQ.
Source: Ripple reports
XRP current price is $0.23 with a market cap of $10.07 B. Its price is -2.57% down in last 24 hours.
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