• Ripple’s native token, XRP, has recorded the highest trading volume on Australian exchanges.
• Ripple’s cross-border remittance payment (ODL) use case is credited for the achievement.
• XRP contributed to 62% of the trading volumes on the BTC Market and 82% of the Independent Reserve Exchange.
Ripple has achieved a major milestone in Australia as its native token, XRP, has recorded the highest trading volumes on exchanges in the country. This is being attributed to the increasing adoption of Ripple’s cross-border remittance payment (ODL) use case. This has allowed customers to access liquidity using XRP and make payments in local currency at the payment destination within seconds.
According to a report by Financial Review, an Australian media outlet shared on Twitter by Ripple’s partner engineer Neil Smith and Aussie firm Blockchain Australia, 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.
The news of Ripple’s success in Australia comes at an interesting time as the XRP community eagerly awaits a final court ruling in the lawsuit with the U.S. Securities and Exchange Commission (SEC). This lawsuit has been ongoing for some time now, with the SEC claiming that XRP is an unregistered security.
The success of XRP in Australia is a testament to the strength of Ripple’s on-demand liquidity technology. XRP serves as a bridge token between fiat currencies, allowing users to instantly access liquidity and make payments quickly and securely. This has made it an attractive option for those looking to make cross-border payments.
CEO of BTC Markets Caroline Bowler has also noted the success of Ripple’s on-demand liquidity technology, stating that her crypto exchange is a Ripple on-demand (ODL) liquidity partner in Australia.
As Ripple continues to dominate Australia’s crypto exchanges, it will be interesting to see if the company can continue its success in other parts of the world. With the lawsuit with the SEC still ongoing, the future of XRP remains uncertain, but for now, the token is continuing to make waves in Australia.