XRP, has been climbing in the monthly chart, generating a 7.2 percent profit as Ripple continues to expand its corridors around the world.
As of press time, Ripple the seventh-largest cryptocurrency by market capitalization is trading at $1,01 and has had a 10.3 percent decline on the 24-hour chart.
XRP appears to be reacting to the market’s overall downward trend, like Bitcoin, Ethereum, and other cryptocurrencies in the top ten by market cap continue to fall. The futures business has been heating up as a result of the recent spike in the aforementioned coins, according to NewsBTC.
The bullish momentum that the bulls have built in the past has been harmed as a result of this. In the case of XRP, the fact that it has been able to maintain increases over longer timeframes is a favourable sign.
Since Ripple was able to maintain and push back against the US Securities and Exchange Commission in their case for alleged securities sales, the sentiment around XRP has shifted optimistic.
Moreover, payment corridors, which are one of the most essential use cases for the XRPL Ledger and its native coin, are improving. These businesses employ Ripple’s On-Demand Liquidity (ODL) payment technology, which is based on XRP, and have been harmed as a result of the SEC’s legal action.
The daily volume for these firms has increased, according to the Liquidity Index Bot, an ODL payment corridors monitor. After becoming negative in May 2021, the XRP/AUD payment corridors show some signs of recovery, as shown below.
Other payment channels have seen a similar or even greater increase. The volume registered by these entities is indicative of the levels of adoption for XRP and implies the token is enjoying a resurgence in demand because they are based on ODL.
Because the payment solution firm recently announced a relationship with Pyypl, demand for the token could continue to rise in the coming months. In the Middle East and North Africa (MENA), the partners will create a new payment channel.
According to data provided by the payment provider, the MENA region received $78 billion in remittances in 2020 alone. As countries like the United Arab Emirates (UAE) and Saudi Arabia “transition to digital” payment systems, the cooperation has the potential to onboard millions to the XRPL Ledger and ODL.
The partnership will begin in the United Arab Emirates, with the goal of providing low-cost, immediate remittances to those residing in and outside the MENA area. Ripple claimed the following regarding the partnership’s potential:
This announcement builds on Ripple’s already growing presence in the region (…). All of this is driving a record year for Ripple in MENA, with RippleNet already logging four times the transaction volume year-to-date versus all of 2020.