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Ripple General Manager Announces Plans of Aggressive Expansion for XRP in 2021

Jamie West by Jamie West
December 5, 2020
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In light of XRP’s strong performance this year, Ripple’s General Manager has announced that they are planning an aggressive expansion for their cryptocurrency in the coming months.

In 2020, XRP has performed very well, gaining a 225% increase in value. XRP also topped the monthly charts in earnings on the top 20 cryptocurrencies for November with a 169% recorded gain. XRP currently has a $21.4 billion market capitalization, making it the third most dominant cryptocurrency, with Bitcoin and Ethereum coming before it.

After this ranking went public, Ripple’s General Manager Asheesh Birla explained in a new podcast from Lend Academy explained that Ripple is planning an aggressive expansion for XRP in the coming months. This expansion will focus most on the product On-Demand Liquidity of the cryptocurrency.

Birla had this to say regarding this expansion on their On-Demand Liquidity for other countries:

“With the cryptocurrency product, you can send into I believe three destinations around the world. We’re expanding that aggressively in 2020 and 2021. We are going to continue to expand ODL, On-Demand Liquidity. I mentioned this is in a few countries as destinations. We want to get global coverage of that where possible by the regulators.”            

Birla also explained that being above every regulatory framework around the globe will play the most important role in this expansion. Brad Garlinghouse, Ripple CEO, has emphasized before that he has often considered leaving the US as a location for their operations. This is because of the uncertainty as to whether XRP is classified as a security or not. He also previously mentioned considering London in the United Kingdom as their possible new location. XRP is classified as a commodity in the United Kingdom, and it will be subject to better-defined laws compared to the US.

In a previous interview, he stated how if the United States of America does not provide XRP with a clear framework to operate, Ripple will need to move to another location unless they want their shareholders to leave the company. Birla also described how the two most important On-Demand Liquidity users, MoneyGram and Azimo, are the strongest drivers of the need for international expansion.

“The traction has been so good that you know, 10% of US dollar to Mexico which is the largest corridor in the world for remittances, 10% of that now moves over blockchain technology, digital assets, and RippleNet.”

Birla also noted that even more companies and individual users are starting to realize that banks are necessarily the absolute best avenue for moving money across international borders. More and more entities are realizing the possibility of using digital assets, such as cryptocurrencies and tokens, as a way of transferring money cheaply, quickly, and reliably.

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Jamie West
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Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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