• Ripple’s native token, XRP, has recorded the highest trading volumes on Australian exchanges.
• This is credited to Ripple’s on-demand liquidity (ODL) use case adoption.
• Ripple’s XRP contributed to 62% of the trading volumes on the BTC Market and 82% of the Independent Reserve Exchange over the past day.
Ripple, the leading enterprise blockchain solution for global payments, has achieved a new milestone in Australia as its native token, XRP, has recorded the highest trading volumes on Australian exchanges. This impressive feat is being credited to Ripple’s on-demand liquidity (ODL) use case adoption.
ODL is Ripple’s revolutionary technology that allows customers to make payments in local currency at the payment destination within seconds. It works by utilizing XRP to bridge the gap between two different fiat currencies. This makes XRP a great choice for those looking to make global payments quickly, securely, and cost-effectively.
The news came from Financial Review, an Australian media outlet, shared on Twitter by Neil Smith, Ripple’s partner engineer, and Aussie firm, Blockchain Australia. The report stated that Ripple’s XRP contributed to 62% of the trading volumes on the BTC Market, a Melbourne-based exchange. It also accounted for 82% of the Independent Reserve Exchange over the past day.
CEO of BTC Markets Caroline Bowler said her crypto exchange is a Ripple on-demand (ODL) liquidity partner in Australia, and that this new milestone is the result of Ripple’s success in the country. Bowler also expressed her excitement to be part of Ripple’s mission of making cross-border payments more efficient and cost-effective.
The XRP community is also anticipating a final court ruling in the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC). Whatever the outcome, Ripple’s success in Australia is a testament to the power of blockchain technology for global payments, and it will be interesting to see how Ripple continues to shape the industry in the coming years.