Ripple has reached a new milestone in Australia with its native token, XRP, recording the highest trading volume on the exchange. With this, Ripple is now dominating Australian crypto exchanges as the XRP community awaits the final court verdict in the lawsuit with the US SEC (Securities and Exchange Commission).
The news comes from the Financial Review, an Australian media outlet shared on Twitter by Neil SmithRipple partner engineer, and Australian company, Blockchain Australia.
Ripple currently dominates Australian crypto exchange volume #XRP https://t.co/yaeFIqsNIn
— Neil Smith (@nsmithau) January 18, 2023
The Reason For XRP’s Performance In Australia
According to report, Ripple’s cross-border remittance (ODL) payment use case adoption gets credit for this achievement. Ripple’s on-demand liquidity makes XRP suitable for cross-border payments as it helps customers access liquidity using this token.
XRP itself serves as a bridge token between fiat currencies. It allows users to make payments in local currency at the payment destination within seconds, hence the name, liquidity on demand.
Following the details of the report, Ripple’s original coin accounted for 62% of the trading volume on the BTC Market, an exchange based in Melbourne. It also accounted for 82% of the Independent Reserve Exchange over the past day.
BTC Markets CEO Caroline Bowler says her crypto exchange is Ripple’s on-demand liquidity (ODL) partner in Australia. That explains XRP’s dominance in exchange trading volume.
According to Bowler, Ripple ODL helps companies to open cross-border payments without paying banking or pre-funding fees. It uses Ripple’s original coin to power part of the process, which explains the trading volume on the BTC Market platform.
As Bowler explained further, Ripple’s original coin shows a higher percentage on the platform while the overall volume of transactions in the crypto market remains low.
Meanwhile, XRP transactions hit a 24-hour volume of $10.2 million on Sydney-based crypto exchange Independent Reserve.
This amount is more than the trading volume of other countries combined. The CEO of Independent Research, Adrian Prezelozny, said that international market makers and senders on the ODL network are part of the XRP trading clients.
Ripple/SEC Prolonged Lawsuit Status
While XRP scored its victory in Australia, Ripple is still in a legal battle with the SEC over the token’s status as a security. According to Stuart Alderoty, the chief lawyer for Ripple in the lawsuit, the result significantly impacted the entire cryptocurrency market.
Bloomberg too stated that the upcoming decision will clarify who should handle crypto oversight. It will also determine which assets qualify as securities or which do not.
Both parties in the Ripple case have filed motions for summary judgment. According to Brad Garlinghouse, CEO of Ripple, and Stuart Alderoty, the decision will come in the first half of 2023.
James K. Filan said that the court’s ruling may start in March. Regardless of the time, Alderoty believes that it will affect the future of the crypto industry in the United States.
Meanwhile, XRP is still up and up now can be sold for 0.3933 US Dollarwith thin results in the graph.
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