Amid the ongoing XRP lawsuit, Ripple’s XRP has suffered a stagnant bear while other tokens run an unbeatable bull since the commencement of the fourth quarter. However, Ripple’s Q3 Report may just change that as the company saw “significant growth and traction of ODL (On-Demand Liquidity)”, with ODL transactions going up by 130% quarter over quarter on RippleNet.
In our Q3 XRP Markets report, we review the latest XRP trends and news – from NFT mania to unprecedented #ODL growth and DeFi to tokenization. Dive in for our views on the state of the #crypto markets. https://t.co/JbjbWyeAhC
— Ripple (@Ripple) October 29, 2021
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Here ODL growth is seen as a positive sign as it leverages XRP and gets rid of pre-funding, to further decrease operational costs and channel cross-border capital. According to the report, ODL users can conveniently make cross-border transactions via third parties like exchanges, and even from their own crypto wallets directly, facilitating a smoother flow of payments. Additionally, Ripple also unveiled that its transaction volume has more than doubled as compared to last year’s statistics. Henceforth, the company has given credit to its exceptional ODL growth and adoption for the third quarter’s XRP sales.
“Legacy customers, like SBI Remit, who were once using RippleNet for fiat-only payments, switched on ODL to eliminate the need for pre-funded accounts. Customers have also adopted ODL for treasury payments – as crypto liquidity has improved and the market has continued to mature, the product is primed to support the larger volume payments that are desirable for customers looking to manage their internal treasury operations…ODL customers can now send to over 20 countries around the world for their payment needs.”, according to the Q3 Report.
Ripple NFT Creator Fund on XRPL
Ripple instated its XRP token’s potential regardless of the lawsuit by the SEC. It referred to last month’s $250 investment by Ripple into a Creator Fund for NFTs on the XRP Ledger. The creator fund is aimed at levying support to creators, brands, and marketplaces to explore new use cases for non-fungible tokens (NFTs) on the XRP Ledger, by providing the financial, creative, and technical support to engage and create new NFT use cases. Ripple’s efforts to incorporate the NFT sphere into the XRPL during an ongoing lawsuit are proof of the company’s confidence in its token.