Ripple (XRP) price has fallen nearly 8% this week as the sellers take control of the price action. The sellers have been working on a specific bearish chart pattern that could eventually take the price action to low $0.20s.
Fundamental analysis: 20% of RippleNet transactions is based on XRP
Asheesh Birla, Senior Vice President of Product and corporate development at Ripple, has stated that 20% of RippleNet transactions are performed with XRP token.
“Our On-Demand Liquidity (ODL) product using XRP as a bridge currency accounts for nearly a fifth of all transactions on RippleNet,” said Birla in a tweet, and posted the following chart:
The RippleNet global payments network doesn’t normally leverage XRP, but the users can choose to use it and the transaction volume of the network remains unknown. Ripple’s on-demand liquidity (ODL) solution, however, leverages the token by default.
Nearly a year ago, Ripple stated that over two dozen of its clients use the ODL solution, including some notable customers such as MoneyGram and Viamericas. However, the majority of customers reportedly receive some kind of stimulus from Ripple to use the ODL.
Ripple rolled out the ODL solution last year and according to the company, there have been over “7x the number of transactions using ODL from the end of Q1 to the end of October.”
At the moment, markets that support Ripple’s ODL are Mexico, the Philippines and Australia. The firm has recently announced that ODL will soon come to the Brazilian market as well as other places in Asia-Pacific (APAC), Europe, Middle-East and Africa (EMEA) and Latin America (LatAm). The ODL is expected to come to those countries later this year.
On the other hand, RippleNet,
