Ripple has reached a new milestone in Australia with its native token XRP, recording the highest trading volume on the exchanges. With this, Ripple is now dominating Australian crypto exchanges as the XRP community awaits a final court ruling in the lawsuit with the US SEC (Securities And Exchange Commission).
The news came from Financial Review, an Australian media outlet shared by Twitter Neil SmithRipple’s partner engineer and Australian firm, Blockchain Australia.
Ripple is now dominating Australian crypto exchange volume #XRP
— Neil Smith (@nsmithau) January 18, 2023
Reason for the XRP performance in Australia
According to report, Ripple’s Cross-Border Remittance Payment (ODL) use case is recognized for this achievement. Ripple On-Demand Liquidity makes XRP suitable for cross-border payments as it helps customers access liquidity with this token.
XRP itself serves as a bridge token between fiat currencies. It allows users to make payments in local currency at the payment destination within seconds, hence the name on-demand liquidity.
According to the details of the report, Ripple’s native coin contributed to 62% of the trading volume on the BTC-Market at, a Melbourne-based exchange. It also made up 82% of the Independent Reserve Exchange as of the past day.
BTC Markets CEO Caroline Bowler said her crypto exchange is a Ripple On-Demand (ODL) liquidity partner in Australia. This explains the dominance of XRP in the trading volume of the exchanges.
According to Bowler, Ripple ODL helps businesses make cross-border payments without incurring bank or pre-funding costs. It uses Rippleist’s native coin to power part of the process, which explains the trading volumes on the BTC Market platform.
As Bowler further explained, Rippleist native coin shares a higher percentage on their platform while overall transaction volume in the crypto market remains low.
Meanwhile, XRP transactions hit $10.2 million in 24-hour volume on Sydney-based crypto exchange Independent Reserve.
This number is more than the trade volume of other countries combined. Independent Research CEO Adrian Prezelozny said market makers and international remitters on the ODL network are part of their XRP trading clients.
Status of the long-running Ripple/SEC lawsuit
While XRP is making these wins in Australia, Ripple is still in a legal battle with the SEC over the token’s status as a security. According to Stuart Alderoty, Ripple’s lead attorney in the lawsuit, the outcome will significantly impact the entire cryptocurrency market.
Bloomberg too specified that the forthcoming verdict would clarify who should take over crypto oversight. It would also define assets that qualify as securities or those that do not.
Both parties in the Ripple case have filed motions for summary judgment. According to Ripple CEO Brad Garlinghouse and Stuart Alderoty, the verdict is expected to come in the first half of 2023.
JAmes K. Filan said the court ruling could come as early as March. Regardless of the time, Alderoty believes this will impact the future of the crypto industry in the United States.
XRP is rising on the 24 hour candle l XRPUSDT on Tradingview.com
XRP, meanwhile, is still on the up and up Trading at $0.3933with slight gains on the chart.
Featured image from Pixabay/SalesBlog, charts from Tradingview.com
Source: Crypto News Deutsch