XRP is now ranked seventh in terms of market capitalization, according to CoinMarketCap data. With a market cap of $37.46 billion, XRP has surpassed Terra (LUNA), Cardano (ADA), and Avalanche (AVL) (AVAX).
Over the previous 24 hours, the bulk of cryptocurrencies have plummeted, wiping out both daily and weekly gains. At press time, XRP was trading at $0.77, down from $0.75 earlier. In response to increased demand for speedy settlements and instant access to cash, RippleNet’s On-Demand Liquidity (ODL) service is seeing significant use in the APAC and MENA regions.
With transactions up 130 percent year over year, APAC is one of RippleNet’s fastest-growing regions. APAC (Asia Pacific) has risen to dominate the digital banking industry in recent years, accounting for 20% of the world’s roughly 250 digital banks. iRemit, a non-bank remittance service provider that uses Ripple’s ODL to process remittances from Australia to the Philippines, has announced a partnership with Velo Labs to tap into the Philippines’ $34 billion cross-border payment industry.
Novatti Group announced last year that it would join Ripple’s global payment network and use RippleNet’s On-Demand Liquidity (ODL) service to make cross-border payments using the digital asset XRP. Through cooperation with iRemit, the largest Filipino-owned non-bank remittance service provider, Ripple and Novatti targeted the Australia-Philippines corridor first.
Ripple has also announced a collaboration with Invert to support carbon reduction and removal programmes, as well as to aid in the battle against climate change. Ripple and Invert will collaborate to assess and speed capital deployment in order to establish a larger portfolio of credit generation initiatives.
Read more: RippleX announces new NFT use cases as winners of 2022 XRPL Hackathon unfold
