Ripple’s $XRP-Powered Solution Surpasses $30 Billion in Transactions Processed Since Launch
In a recent publication, California-based fintech firm Ripple has revealed that its global $XRP-powered global proprietary payments solution, RippleNet, has processed nearly $30 billion across approximately 20 million transactions since launch. The publication was first pointed out by pseudonymous XRP community influencer, WrathofKahneman, who praised the payment solution’s achievements.
The publication details that the firm’s payment solution offers a variety of services designed to facilitate more efficient treasury flows, including access to its extensive global network that spans numerous countries such as India, Brazil, the UAE, Mexico, Singapore, the UK, and others. The regions served by Ripple’s network are responsible for a significant portion of global remittance volume, with India and Mexico leading the way in remittance inflows during 2022, at $100 billion and $60 billion respectively. India has consistently topped the list for the past 15 years, the publication details.
Ripple also emphasized the expansion of its payment solution to nearly 70 payout markets worldwide, which account for up to 90% of the global foreign exchange market. The guide also unveiled that Ripple processed over $1 billion in transaction volume in the Asia-Pacific (APAC) region, which includes countries like India and Singapore, during the first quarter of 2022 alone. RippleNet, it’s worth noting, uses the XRP token for its On-Demand Liquidity (ODL) solution, but not for every service it offers. According to the firm’s website, RippleNet offers “connections to hundreds of financial institutions around the world via a single API” to make moving money ”faster, cheaper and more reliable.” The ODL solution leverages the XRP token to “source liquidity during cross-border transactions, as an alternative to traditional systems.” It’s unclear how much of the processed volume has been influenced by the cryptocurrency, which currently has a market capitalization of $46.7 billion according to CryptoCompare data.
The value of XRP has notably been affected by the U.S. Securities and Exchange Commission’s (SEC’s) lawsuit against Ripple and two of its executives, alleging they “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.” The lawsuit hasn’t been resolved yet. As CryptoGlobe reported, according to popular cryptocurrency analyst Ali Martinez, the native token of the XRP Ledger could soon see a 73% surge to the $0.80 mark if it can secure a 3-day candlestick close above the $0.46 level. Last month, XRP’s price bucked a bearish trend in the wider cryptocurrency sector as Ripple’s Chief Legal Officer Stuart Alderoty explained that the most recent ruling in the case left him feeling more confident than ever about Ripple’s chances of winning.
