XRP, the world’s 6th most valuable cryptocurrency, saw immense demand on Wednesday after Ripple, the US-based blockchain firm, announced the launch of RippleNet’s first live On-Demand Liquidity (ODL) service implementation in Japan.
According to the latest data posted by Coinmarketcap, the overall market cap of XRP jumped above $35 billion on 28 July for the first time since 29 June 2021. XRP is now more valuable than cryptocurrency Dogecoin (DOGE).
XRP touched $0.75 on Wednesday, its highest level in July 2021. The cryptocurrency is currently trading near $0.73 with a market cap of approximately $34 billion. XRP accounts for nearly 2% of the overall market cap of digital currencies.
One of the major reasons behind XRP’s recent bullish move is Ripple’s On-Demand Liquidity (ODL) announcement. Despite the SEC’s lawsuit against Ripple, the company has formed several partnerships since the start of 2021. Today, Ripple announced a collaboration with Japan’s SBI Remit and the Philippines-based Coins.ph for the launch of RippleNet’s first live On-Demand Liquidity (ODL) service implementation in Japan.
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Ripple announced the latest partnership to accelerate and grow cross-border payments from Japan.
Impact on XRP
Ripple’s recent announcement had a positive impact on XRP as the cryptocurrency saw a surge in retail demand. In March 2021, XRP saw a major jump in its price after Ripple acquired a 40% stake in Tranglo, one of the leading cross-border payment firms in Asia.
“This expanded partnership will see SBI Remit connect with Coins.ph and digital asset exchange platform SBI VC Trade on RippleNet for faster and more affordable cross-border payments from Japan to the Philippines. With ODL now available in Japan, RippleNet customers can leverage the digital asset XRP to eliminate pre-funding and reduce operational costs, unlocking capital and fuel the expansion of their payments businesses,” Ripple mentioned in the recent press release.
In May 2021, Ripple announced that the company is planning to support NFTs on XRPL.