In recent months, crypto Ripple (XRP) has been a hot topic for its legal issues in the United States. Indeed, the SEC put Ripple on trial in December 2020. Since then, the future of this crypto has been somewhat suspended after the trial ends. But in recent days, the Ripple seems to be reborn from its ashes! The price of Ripple even has the best performance of the world’s top 20 cryptos.
The huge deal Ripple has made in Asia!
The jump in its course is notably due to an important agreement that the Ripple network has just made in Asia. What is it about ? On July 18, 2021, Ripple announced that its ODL (On-Demand Liquidity) service will be used to manage transfers between Japan and the Philippines.
This is a huge partnership. In fact, you should know that each year, there are more than $ 2 billion which trade between Japan and the Philippines. These exchanges come mainly from Filipino citizens living in Japan who send money to their families back in the Philippines.
In detail, this agreement involves the following players:
- SBI Remit, a Japanese money transfer provider;
- Coins.ph, a mobile payments application;
- SBI VC Trade, an exchange.
“This first implementation of the Ripple ODL service in Japan marks the first steps towards greater adoption of crypto services in the region. »Ripple
This agreement thus establishes a “corridor” for transactions between the two Asian countries. Solution via Ripple’s ODL service will make money transfers between the two countries cheaper. You should know that Japan has some of the most expensive transfer fees in the world!
Ripple crypto (XRP) price in great shape!
This agreement is part of a desire on the part of Ripple to continue its establishment in Asia. Earlier, in March 2021, Ripple had acquired a 40% stake in cross-border payments firm Tranglo.
The development of Ripple in parallel with its legal woes helps stimulate its course. For example, as a result of the above-mentioned deal, the price of Ripple soared. At the time of writing this article, the price of Ripple is in increase of almost 10% over the last 24 hours. Over the last 7 days, the price of XRP is up almost 25%. These performances are the best of the top 20 global cryptos!