Ripple Labs Inc has launched an On-Demand Liquidity (ODL) service. Despite being accused in a lawsuit against the SEC Securities Commission, the blockchain firm has made a global impact.
However, the same question is also hovering in everyone's mind that is how the launch can increase the price of XRP?
Ripple has partnered with Travelex Bank which is the first bank in Latin America to use ODL and to be registered and approved by the National Bank of Brazil to perform foreign currency exchange operations.
It was also mentioned that the XRP token will be used as Ripple's ODL solution that will allow users to send money across borders.
Since Ripple made the announcement the price of XRP jumped over 1.60% trading at an average price of $0.378. Meanwhile, XRP is still trading down 90% from its all-time high (ATH).
Nevertheless, over the past 60 days the price of XRP has shown a slight recovery including jumping more than 20%.
In the meantime, Brazil has also taken a proactive approach to regulating digital assets through advanced legislation, aiming to help create a framework for both consumers and foster innovation.
This swift action has led to support for the use of cryptocurrencies in the Latin American market. According to the data, over $780 billion in payments are sent to Brazil every year.
This creates a huge opportunity for Ripple and its customers to benefit from crypto's capabilities.
Accordingly, it was added that Ripple is exploring to provide a better user experience for its partners. Travelex will provide instant solutions and access to liquidity 24x7 by using ODL.
However, Ripple's partners will support payments between Brazil and Mexico including plans to support more corridors and increase use cases.
