XRP has been soaring in the monthly chart with a 7.2% profit as Ripple continues to expand its corridors worldwide. As of press time, the seventh crypto by market cap trades at $1,01 and records a 10.3% correction in the everyday chart.
XRP seems to be reacting to the general trend in the market as Bitcoin, Ethereum, and other cryptocurrencies in the top 10 by market cap trend to the downside. As NewsBTC has actually reported, the derivatives sector has actually been warming up due to the current increase in the previously mentioned coins.
Historically, this has taken a toll on the bullish momentum built by the bulls. In the case of XRP, it’s a favorable indication that it has actually had the ability to sustain gains in greater timeframes.
The sentiment around XRP has flipped bullish since Ripple has been able to sustain and push back against the U.S. SEC in their case for the alleged sales of a security.
In addition, the payment passages, among the most essential usage cases for the XRPL Ledger and its native token, are recuperating. These entities use Ripple’s payment solution On-Demand Liquidity (ODL), based on XRP, and were negatively impacted after the SEC filed for their legal action.
The Liquidity Index Bot, an ODL payment passages keep track of, records an increase in the everyday volume for these entities. As seen below, the XRP/AUD payment corridors show some recovery after it went negative in May 2021.
Other payment passages tape-record a comparable or a more considerable increase. Since they are based on ODL, the volume registered by these entities is indicative of the levels of adoption for XRP and suggests the token is experiencing a re-surge in demand.
XRP Debuts In MENA Region, Ripple Enable More Adoption
In the coming months, the need for the token might continue to rise as the payment option business just recently revealed a collaboration with Pyypl. The partners will launch a new payment corridor in the Middle East and North Africa (MENA) region.
Data shared by the payment business exposes that the MENA area saw $78 billion in remittances in 2020 alone. Thus, why the partnership could onboard millions to the XRPL Ledger and ODL as countries such as the United Arab Emirates (UAE) and Saudi Arabia “shift to digital” payment methods.
The cooperation will begin in the UAE to bring inexpensive and instantaneous remittances for individuals residing in and outside the MENA area. Ripple claimed the following about the potential for the partnership:
This statement builds on Ripple’s currently growing existence in the area (…). All of this is driving a record year for Ripple in MENA, with RippleNet already logging four times the transaction volume year-to-date versus all of 2020.
