Just yesterday, the Ripple Swell conference came to a close, with CEO Brad Garlinghouse announcing milestones for the adoption of RippleNet and On-Demand Liquidity (ODL). One of the main themes of the conference was the development of Central Bank Digital Currencies (CBDC).
in a new blog post, Ripple has now also revealed that the company expects massive growth over the next year. At the conference, Garlinghouse announced that nearly 40 payment markets are now live on ODL, representing 90% of currency markets.
Also, just this week, the company closed a potentially gigantic deal. Partnership with MFS Africa. The company, with over 400 million users and over 800 payment corridors in Africa, has the largest mobile money presence on the continent. The San Francisco-based fintech has thus conquered its sixth continent.
We recently announced several new ODL customers and are proud to say that ODL payment markets include Africa, Argentina, Belgium, Israel, Australia, Brazil, Singapore, United Arab Emirates, UK United – the list goes on.
To cope with the growth, Ripple is working on machine learning capabilities to further improve the customer experience. The technology aims to make the payment process more efficient while managing liquidity “at the highest level to support a range of transaction types”.
Devraj Varadhan, Senior Vice President of Engineering at Ripple, further noted that machine learning and automation efforts focus on liquidity, the backbone of all the company’s products. The launch should take place this year
“As Ripple’s products achieve significant growth and scale in 2022, we continue to invent and deliver solutions to grow sustainably,” Varadhan said, adding, “We are excited to launch many of these capabilities this year to to scale ODL effectively in order to serve more customers globally and provide the best possible experience to our customers.
Ripple: ODL is experiencing massive growth
As Ripple states in the post, the XRP tokenCloud-based payment technology is growing rapidly. ODL was initially introduced in 2018 to overcome issues with cross-border payments.
However, ODL now also targets businesses. To meet growing demand, Ripple has extended its payment solution beyond financial institutions. Today, ODL also serves enterprise clients such as Nutrisource, Oceanus, Valency and New Horizon in a variety of segments including retail, agriculture, e-commerce, technology and supply chain.
“Ripple’s ODL solution addresses the industry’s age-old problems with pre-funding and speed of funds settlement. Since partnering with Ripple and using ODL, we have been able to better manage our capital requirements and funding flows, enabling us to offer near real-time payment to our customers,” said Dianne Nguyen, CEO of Hai Ha Money Transfer.
After the Bankruptcy of FTX, the XRP price is like the entire crypto market in a state of expectation, eager to see if there will be further contagion effects. At the time of writing, XRP was trading below the 50, 100, and 200 simple moving averages (SMA) on the 1-day chart. The RSI is in neutral territory at 43.