As Ripple continues to extend its corridors throughout the world, XRP has been flying in the monthly chart, with a profit of 7.2 percent. As of press time, the seventh largest cryptocurrency by market capitalization is trading at $1,01, with a daily chart correction of 10.3 percent. XRP appears to be reacting to the market's overall downward trend, as Bitcoin, Ethereum, and other cryptocurrencies in the top ten by market cap continue to fall. The futures business has been heating up as a result of the recent spike in the aforementioned currencies, according to NewsBTC.
The bullish momentum that the bulls have established in the past has been harmed as a result of this. In the case of XRP, the fact that it has been able to maintain increases over longer durations is a favorable indicator. Since Ripple was able to maintain and push back against the US Securities and Exchange Commission in their lawsuit for suspected securities sales, the attitude around XRP has shifted optimistic.
Moreover, payment corridors, which are one of the most essential use cases for the XRPL Ledger and its native coin, are improving. These businesses employ Ripple's On-Demand Liquidity (ODL) payment technology, which is based on XRP, and have been harmed as a result of the SEC's legal action.
The daily volume for these firms has increased, according to the Liquidity Index Bot, an ODL payment corridors monitor. After becoming negative in May 2021, the XRP/AUD payment corridors show some signs of recovery, as seen below. Other payment channels have seen a similar or even greater growth. The volume reported by these businesses is indicative of the levels of acceptance for XRP and implies the token is enjoying a resurgence in demand because they are based on ODL.
XRP Makes Its Debut in the Middle East and North Africa, and Ripple Enables More Adoption
Because the payment solution firm just announced a relationship with Pyypl, demand for the token might continue to rise in the coming months. In the Middle East and North Africa (MENA), the partners will create a new payment channel.
According to data provided by the payment provider, the MENA region received $78 billion in remittances in 2020 alone. As nations like the United Arab Emirates (UAE) and Saudi Arabia "transition to digital" payment systems, the cooperation has the potential to enroll millions to the XRPL Ledger and ODL.
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