06.12.2021

With 20% of All RippleNet Transactions Being Processed in XRP

The success of RippleNet is going to do a lot of Ripple in terms of adoption. Over the last few years, the XRP token has been falling in price and this has discouraged people from investing in it.

Many people in the Ripple XRP community have stepped aside leaving only the most loyal customers. At the time of writing, the price of the XRP token was $0.242249. The token is down by 1.58% against the USD and down by 1.40% against Bitcoin BTC. The trading volume over a 24 hour period was $1,695,653,792 and the market capitalization was $10,958,431,586.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

  • RippleNet Has Proposed Over 2 Million Transactions Valued at $7 Billion
  • 20% of All RippleNet Transactions Are Done In XRP
  • What Does RippleNet’s do for XRP? 

XRP News Today – According to the CEO of Ripple, Brad Garlinghouse, RippleNet has processed more than 2 million transactions. Out of the 2 million transactions, 20% was done with the XRP token. The cumulative value of all the transactions that have been performed on the RippleNet network since it was created is now $7 billion.

Garlinghouse disclosed the ongoing Ripple Swell conference. During the online conference, Garlinghouse disclosed several upgrades that are currently taking place on the XRP ecosystem. These RippleNet projects are typically done using the XRP-powered on-demand liquidity solution.

Ripple News Today – XRP has a Bright Future Thanks to RippleNet

Ripple executives have said that the XRP token is an independent business that doesn’t rely on Ripple. So, if Ripple were to shut down today, the XRP token will continue to exist. Even if Ripple claims that XRP isn’t related to them, they use XRP tokens to fuel their ecosystem.

So, they would lose a significant amount of funding if the XRP token were to fall to $0.00 suddenly. So, they are invested in the success of the token. This is why they develop products that require the use of the XRP tokens. A typical example is the on-demand liquidity solution. Part of Garlinghouse’s statement was as follows;

“In the three years that RippleNet has been live, we’ve done over two million transactions with a nominal value of over $7 billion. We have hundreds of customers. We’re seeing the greatest traction across Asia… Now it’s also clear our customers are increasingly interested in emerging markets. These include Latin America, Africa, and the Asian Pacific. I also think we all can agree some of these regions were largely abandoned by traditional correspondent banking over the last decade. It’s also clear to me that XRP is the key behind RippleNet. Its speed, its scalability, and its low cost per transaction make it perfect for instant settlement and exchange of value. It was built for payments. It has real utility and that’s why it works.”

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