Despite the clouds hovering over the cryptosphere, Ripple seems bent on setting new records. On Wednesday, Ripple announced in its Q1 report that RippleNet customers will soon begin to leverage on the XRP to source liquidity on Demand. Ripple is working hard on increasing its adoption potentials and this move will likely boost the XRP price.
Earlier in the year, Ripple announced that 13 new financial institutions had signed up to utilise RippleNet, the company’s payment network. These companies had revealed that they will be utilising XRP in Ripple’s xRapid protocol.
These companies include Ahli Bank of Kuwait, BFC Bahrain, ConnectPay, Euro Exim Bank, GMT, SendFriend, JNFX, FTCS, Transpaygo, WorldCom Finance, Pontual / USEND, Olympia Trust Company and Rendimento. In total, there are more than 200 customers signed up for RippleNet currently.
However, the news that 5 RippleNet clients will soon begin sourcing liquidity with XRP is a boost to the price hike prediction of XRP.
With these five companies, Euro Exim Bank, FTCS, JNFX, SendFriend and Translaygo utilising the RippleNet protocol for On Demand Liquidity, Ripple is moving on its adoption march. This move will promote the adoption of the xRapid protocol and XRP itself.
As at the time of writing, the price of XRP was $0.2971. Trading -0.21% against the USD and -0.39% against the price of BTC. According to the Q1 report, XRP is now listed on 120 exchanges worldwide just in Q1 alone, it got listed on 19 exchanges.
Ripple also experienced 0.32% of sales of global XRP volume just in Q1. That is about a 31% rise in the number of sales. Currently, about Three billion XRP was released out of cryptographic escrow, with about 2.30 billion returned to escrow.
While this seems to mean a lot for the cryptocurrency, it doesn’t determine long term gains. According to previous price predictions, the price of Ripple may have to fall below $0.15 before it can break through.
What do you think about the adoption of RippleNet for on-demand liquidity by these companies? Will there be a hike in the price of XRP due to this new development? Kindly share your thoughts with us in the comment section below.