As XRP Rallies; Ripple Chief Visits PH to Expand Partnership with I-Remit
Editing by Nathaniel Cajuday
Following the ongoing legal clash of the blockchain and crypto solutions Ripple with the United States Securities and Exchange Commission (US SEC) regarding its alleged violation of securities laws, the value of the cryptocurrency XRP is currently surging as investors are now buying and bullish on the anticipation for the case’s resolution.
On the other hand, a Ripple executive recently visited the Philippines to expand I-Remit’s use of Ripple’s On-Demand Liquidity (ODL) solution.
Ripple x I-Remit
As an early adopter and leveraging ODL for 5 years now, I-Remit, the largest non-bank remittance service provider in the Philippines, further expanded its use of Ripple’s solution to improve its cross-border treasury flows through another.
The “rebuilt and strengthened” partnership between Ripple and I-Remit was co-signed by Harris D. Jacildo, Chairman and President of I-Remit, and Brooks Entwistle, Senior Vice President and Managing Director at Ripple last September 21st at the Shangri-La Hotel, Taguig City.v (Read more: Ripple’s ODL to Aid iRemit Process Australia-Philippines Remittances)
“As one of the earliest adopters of Ripple’s ODL solution, we’ve been able to scale and accelerate our extensive payout capabilities in the Philippines. We’re excited for this next chapter of our well-established partnership with Ripple to further utilize ODL for treasury management and provide the best possible service for our customers,” said Harris D. Jacildo, Chairman and President of I-Remit.
Through the utilization of ODL for treasury payments, the remittance provider is now capable of getting 24/7 all-year-round access to liquidity for their funding requirements, enabling same-day settlement globally.
This also eliminates that archaic infrastructure which leaves traditional treasury payments to the same barriers and friction associated with cross-border payments.
“Ripple’s strong business traction and continuous growth in ODL volume would not have been possible without partners like I-Remit looking to take advantage of blockchain and crypto technology to solve real-world problems. We’re excited at the expansion of our partnership with I-Remit to help bridge liquidity gaps so they can grow and scale other aspects of their business,” Brooks Entwistle, the Senior Vice President and Managing Director at Ripple, added.
The On-Demand Liquidity (ODL) solution is a digital asset built for payments as a bridge between two fiat currencies which enables instant and low costs settlement without the need to hold pre-funded capital in a destination market. ODL leverages the cryptocurrency XRP.
In a report in 2021, Messari researcher Mira Christanto said that 80% of PDAX’s exchange volume is from institutions that facilitate remittances which aggregated the high volume of XRP-PHP on the platform. (Read more: Philippines has High Crypto Adoption, Mature Ecosystem, Says Messari Report)
While in 2020, aside from I-Remit and MoneyGram, Ripple has partnered with digital money transfer service in Europe Azimo which sees the “Philippines is a top remittance destination.”
XRP Value Increase
As of writing, XRP recorded a 26.6% increase since last month according to data aggregator CoinGecko. It is currently traded at $0.437 and at rank 6th in CoinGecko’s global cryptocurrency market cap list in the last 24 hours.
“We have seen interest in buying XRP year-end upside call options in anticipation of a resolution in the ongoing lawsuit with the U.S. Securities and Exchange Commission,” said Dick Lo, the founder and CEO of quant trading firm and liquidity provider TDX Strategies.
The legal rift between the crypto firm and the US SEC started last December 2020, when the regulator charged payment protocol developer Ripple Labs for defying securities laws by raising $1.3 billion through XRP sales to investors. The case resulted in the crash of the token amid the bull market. (Read more: MoneyGram Sells XRP as Soon as They Receive It)
After almost 2 years since the charge was filed, both the SEC and Ripple Labs filed motions for summary judgment asking the court to make a ruling based on the arguments filed in accompanying documents. According to them, the judge could either convict the firm or dismiss the case altogether arguing that the case has enough information to make a ruling without moving the case forward to a trial.
“If the ruling is in Ripple’s favor, XRP could rally quickly to $0.68 and then potentially to $0.93 (Fibonacci retracement levels),” Lo stated.
This article is published on BitPinas: XRP Rallies; Ripple Chief Visits PH to Expand Partnership with I-Remit
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.