According to a report published by the Australian Financial Review, the blockchain token XRP, developed by Ripple, has emerged as a dominant force in the transaction volumes of local cryptocurrency exchanges. The report states that over the past 24 hours, XRP accounted for 82% of all cash volume on the Independent Reserve exchange and 62% across Melbourne-based BTC Markets.
Caroline Bowler, CEO of BTC Markets, attributed XRP’s dominance in trading volumes on the exchange to the fact that BTC Markets is Australia’s Ripple on-demand liquidity (ODL) partner. ODL helps companies manage cross-border payments without the need for correspondent banking and pre-funding costs, and utilizes XRP to facilitate this process.
According to CoinMarketCap, a market tracking platform, the Ripple token is currently valued at $0.3906, with a 7.72% increase in the past week. In the past 24 hours, over $1.06 billion worth of XRP has been bought and sold.
In comparison, the most popular cryptocurrency, Bitcoin, is currently valued at $21,272, with a 22% growth in the past seven days. However, a recent annual industry report by CoinGecko noted that Bitcoin was the worst-performing investment among other significant assets such as crude oil and the US dollar. The report also stated that since January 2022, the spot trade volume of Bitcoin has decreased by 67.3%, with the largest quarterly loss occurring in the fourth quarter of 2022.
Despite this, the crypto market is off to a bullish start in 2023, with over $200 billion entering the market in the past two weeks. The current global market capitalization is $992.83 billion, with $47 billion added in the past 24 hours.