According to a recent post from industry publication The Block, a British remittance payments firm is looking to adopt an XRP-centric product built by Ripple, the San Francisco-based fintech company focusing on blockchain applications to accelerate payments, after adopting RippleNet in 2018.
Per the report, the U.K.-based remittance firm TransferGo, founded in 2012, will soon be leveraging On-Demand Liquidity (ODL).
ODL, for those unaware, is a solution built on RippleNet that allows financial institutions the ability to issue cheap, reliable, 24/7, and near-instant transactions through XRP, which acts as the bridge between institutions. As Ripple’s website on the ODL product reads:
RippleNet provides an alternative. While any financial institution on the network enjoys reliable, instant and lower-cost transactions, those who use the digital asset XRP to source liquidity can do so in seconds—freeing up capital and guaranteeing the most competitive rates available today.
TransferGo’s use of the XRP-focused ODL comes after it adopted RippleNet to allow for migrant workers to send money home “in just a few minutes.”
Sure, there are many in the cryptocurrency space skeptical of Ripple’s products, though CEO of TransferGo, Daumantas Dvilinskas, has lauded its partnership with the company, stating the following according to The Block:
Ripple gives us a competitive edge in India, which is the largest global cross-border remittance market, and today we’re moving more than a couple of million pounds per year… We’re helping people save up to 90% on traditional fees for cross-border transfers.
We’re 100% in favor of innovation… We’ve partnered with Kabbage, Ripple, and many other American companies. What we’re doing is we want to take these companies and services when we don’t approve a loan, we can pass it on to Kabbage; Ripple is at the base of One Pay FX blockchain base [system.]
Despite Positive News, XRP Still Looking Bearish
Despite the positive news cycle for Ripple and XRP, the cryptocurrency is purportedly still in bearish territory.
Popular trader NebraskanGooner recently pointed out that XRP’s chart isn’t looking too hot after the recent price action that has transpired. He noted that the cryptocurrency has lost the support of a diagonal uptrend that has literally held for months, along with some moving averages. NebraskanGooner then remarked that if XRP can’t hold the accumulation range in the $0.16-$0.22 region, a move to revisit $0.07 — more than 60% lower than current prices — could easily be had.