Amidst crypto’s recent dip, Ripple’s XRP replaces Cardano’s ADA, as XRP’s market volume Surpasses that of the latter.
XRP Replaces ADA
Ongoing price downtrend, has led ADA to move one number downwards, as XRP replaces Cardano’s native. Relative to ADA’s $36.68 billion, XRP’s market cap stands at $37.55 billion. Among the top cryptocurrencies by market cap crypto now ranks at number seven, higher than ADA, LUNA, and AVEX.
While the market’s recent behaviour is one of the factors that lead XRP to appreciate, there are multiple other factors that have played a crucial role.
Ripple’s Expansion Across the Globe
Over the period of the past 12-months, XRP’s parent Ripple has been making some significant deals with remittance service providers around the world. Through the partnerships Ripple’s footprint is expanding across different regions such as MENA(Middle East and North Africa) and APAC (Asian Pacific).
Now, more and more remittance service providers are integrating RippleNet’s ODL into their ecosystems. ODL or On-demand liquidity system is the core of RippleNet’s payment infrastructure. ODL leverages XRP, which causes XRP to gain value.
Notably, APAC is the single most swiftly adapting region in the world as blockchain-based transactions rose by 130% year-on-year. Digital banking is also growing in the region as 20% of all digital banks reside in APAC.
Moreover, recently a report indicated that RippleNet could replace SWIFT as a payment ecosystem in the MENA region.
Further, as per a recent announcement Ripple’s partner, iRemit, the largest Filipino-owned non-bank remittance service provider, joined hands with Velo labs. The partnership unlocked a $34 billion cross-border payment market in the Philippines.
As for the SEC’s lawsuit, the court recently compelled the agency to produce all redacted portions of the documents for an in-camera meeting.