On Thursday, Ripple Labs Inc. said that its On-Demand Liquidity (ODL) services have begun in Brazil. Despite being severely hampered by the SEC litigation, the blockchain company is having an influence on the world. However, the issue of how this change may affect XRP’s price still remains.
According to the press release, Ripple (XRP) has partnered with Travelex Bank, the first bank in Latin America to deploy ODL. Travelex was also the first bank to be registered with and given permission to do foreign exchange business by the Central Bank of Brazil, it was said.
It said that it would be using Ripple’s ODL solution, the XRP coin. Users will be able to move money across borders thanks to this.
Since Ripple’s announcement, the price of XRP has increased by more than 1.60 percent. As of the time of publication, XRP is trading at an average price of $0.378. It is still trading 90% below its all-time high in the interim (ATH). Over the last 60 days, the price of XRP did, however, exhibit some rebound. Its increase is more than 20%.
The press statement emphasized Brazil’s proactive approach to managing digital assets via sophisticated laws. This has aided in developing a framework that supports both consumers and innovators.
The swift actions helped the Latin American market accept cryptocurrencies. According to the statistics, Brazil receives about $780 billion in payments each year. This opens up a significant window of opportunity for Ripple and its users to make use of the potential of cryptocurrency.
Additionally, it said that Ripple wanted to provide its partners with a better user experience. By using ODL, Travelex will provide quick settlement and access to liquidity around-the-clock. But Ripple’s partner will facilitate transfers between Mexico and Brazil. Additionally, it intends to enable additional use cases and corridors.