The XRP transfer volume of the Ripple increased in 2019 to 650%
Ripple reported in its business report to 4. Quarter of 2019 on an exponential increase in the volume of his XRP-based remittance product, which is available as On-Demand liquidity (ODL) is known.
In its market report for the fourth quarter of Ripple reported that the ODL-flowing amount of money in 2019 has risen by 650%:
In the year 2019 of the ODL outstanding dollar rose in value between Q1 and Q4, and, in particular, between Q3 and Q4, to 650%. The number of ODL transactions also rose by 390% from Q3 to Q4, what are the high level of customer demand for the use of digital assets, in particular, XRP, for cross-border transactions.
Ripple started in ODL in October 2018. Since then have signed up 24 companies to use the platform, including MoneyGram, goLance, Viamericas, FlashFX, and Interbank. ODL was developed to provide companies with a legally compliant way to move money instantly across borders, by the crypto-currency, XRP is used. Financial institutions send their local Fiat currency to a crypto-exchange that converts them into XRP. This then sends the XRP tokens within seconds to the appropriate stock exchange, where XRP back to Fiat money is converted.
MoneyGram is still the largest user of ODL. The company indicates that it handles 10 % of the transaction volume between the United States and Mexico through ODL. Ripple also stated that it has for 2020, plans for additional corridors in APAC, EMEA and LATAM. Among the currently most active in the payment corridors in USD-MXN, USD-PHP and the processing of payments from Australia in USD and PHP. Since the number of corridors has increased, also recorded the number of ODL transactions a steep increase of 650% from the 1. to 4. On the other hand, was observed between the third and the fourth quarter, an increase of 390%, indicating a high level of customer demand for XRP transactions.
Further findings from the Ripple quarterly report
The other Numbers of XRP suffered in the last quarter of a massive slump. The total turnover of 66,24 million US dollars in the previous quarter, fell to 13.08 million US dollars – a decline of 80.2 per cent. It is noteworthy that the company has reduced since the third quarter of last year, the XRP sales and programmatic sales has been suspended. The Figures show this effect clearly, because the programmatic sales of 16,12 million dollars in the third quarter of 2019 to Zero, went in the following quarter.
The average daily volume of XRP on the market also fell from 198,10 million dollars in the third quarter to 187,34 million dollars in the fourth quarter. In comparison to the last two quarters, the average daily volume in the second quarter was specified with 429,51 of millions of dollars. The market report also noted that Ripple has released in the last quarter of 3 billion XRP tokens from his trust account. Of which about 2.7 billion have been returned, and new trust contracts put. Ripple tries since the second quarter of 2019, the sale of XRP does not restrict where the company comes in when the sales as usual will return.
Furthermore, the report also noted that Ripple was recently awarded at the world economic forum in Davos, support from the U.S. Minister of Finance, Steve Mnuchin. Ripple’s CEO, Brad Garlinghouse, quoted Muchins answer with the words:
The benefits of cross-border payment systems are the reduction of costs for consumers and businesses. We support the companies that are working on each case. It is critical, this pragmatism on the US regulations apply.
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