- Ripple records massive ODL utility within the $6 trillion FX market.
- The network is considering expanding it activities within UAE in the near future.
Ripple is one of the few blockchain-based digital payment networks starting the new year on a very promising note. Ripple’s On-Demand Liquidity (ODL) service is now available to nearly 40 payout markets, which is about 90 percent of the FX market.
According to a recent interview with Zawya, Navin Gupta, the Managing Director of South Asia & MENA at Ripple revealed that the FX market, which relies on Ripple’s ODL service records a staggering $6 trillion in daily transactions.
WrathofKahneman, a notable Ripple proponent, spotlighted the interview in a recent tweet, in which he highlighted some key takeaways.
Nice interview of #Ripple‘s Navin Gupta in Zawya. Some interesting points:
–@Ripple working w/ NYU Abu Dhabi on a cluster of startups
-A UAE Dev’s are building on #XRPL
-Notes Pyypl & LuLu Money
-ODL in 40 payout markets representing 90% of $6t daily FXhttps://t.co/sP5cWdq0zG
— WrathofKahneman (@WKahneman) January 6, 2023
Gupta mentions that within the Middle East and Northern Africa (MENA) region, there’s been a significant demand for crypto-based cross-border remittance services amongst finance institutions. The rising demands have resulted in an upsurge in the use of remittances within countries in that region.
He added that some service providers that offer local payment services within the region have already begun to facilitate payments between the UAE and other countries globally. LuLu – a financial holding and Pyypl – a digital financial services provider, are two of the local financial services currently utilizing Ripple’s ODL service.
Additionally, some other leading banks, including SABB in Saudi Arabia and QNB in Qatar are also in partnerships with Ripple.
Thanks to the success rate recorded, Ripple is making future plans for the expansion of activities within UAE according to Gupta.
“Our clients and partners in the region are making use of our ODL crypto solution to facilitate cross-border payments as MENA continues to be a growing region for remittances. We expect to further expand our presence in the region as our business grows there.” Gupta explains in the interview.
Speaking of crypto adoption in MENA regions, Gupta noted that traditional financial firms have been slower in adopting crypto. Meanwhile, the UAE remains home to many leading crypto firms, which allows for growth in the developer ecosystem.
“A number of these developers are choosing to build on the XRP Ledger (XRPL). Developers can apply for a grant from the XRPL Foundation and/or Ripple to build solutions relevant to the MENA market.” He asserted.
Lastly, he maintains a positive outlook on the regulatory sector, saying that Ripple is in touch with policy makers in MENA. Regulators have also shown interest in providing clarity around digital assets.
Ripple (XRP) still primed to tap $1 in 2023
Ripple’s native token XRP could also score an outstanding win for itself this year, as XRP prices look more promising than ever. Technical analyst Michaël van de Poppe, noted on the 1st of January, that a lot of liquidity had been taken off XRP.
While the action didn’t push XRP’s price significantly lower, XRP lost momentum at $0.34. XRP has now surpassed the $0.33 price point the analyst expected it to return to. At press time, XRP is green, daily gains now above 2%, as prices hit $0.34.
Having secured new partnerships, XRP stands a good chance at clutching $1 this year. The verdict on the ongoing SEC vs Ripple case could also influence XRP’s future prices positively or negatively.