29 November 2023
Australian exchanges have seen the largest trading volumes of Ripple's native coin, XRP. That means Ripple is the most widely traded Cryptocurrency in Australia, even while the XRP community waits for a verdict in the ongoing litigation with the United States Securities and Exchange Commission (SEC). In a Twitter post, Ripple's partner engineer Neil Smith and the Australian company Blockchain Australia announced that the story had first appeared in Financial Review.
What is XRP?
The Ripple native coin, XRP, is a Crypto. In the Cryptocurrency market, XRP is just another currency code, such as Ether for Ethereum (ETH). The Ripple development team released the XRP ledger in 2012, along with the XRP token that would eventually become the system's native currency. The primary goal behind the development of XRP was to facilitate more fluid international money transfers and the trading of other currencies. In spite of the name, XRP is not affiliated with the technology business Ripple but rather is an open-source digital asset. Ripple employs XRP in its offerings to assist clients in remaining compliant because of the technology's speed, efficiency, reliability, carbon neutrality, as well as speedy supply. Ripple is a digital currency that facilitates monetary transactions through its own distributed, open-source blockchain, called the XRP ledger (XRPL). In contrast to the vast majority of digital currencies, XRP's maximum token production is capped at 100 billion.
Justification for XRP's Dominance in Australia
Within the last 24 hours, XRP has accounted for 62% of trading volume on the Melbourne-based BTC Markets and 82% on the Independent Reserve exchange. CEO Caroline Bowler of BTC Markets said that XRP's disproportionate share of trading volumes is due to BTC Markets' status as a Ripple On-Demand Liquidity (ODL) partner for Australia. As a result of ODL's usage of XRP to expedite a portion of the process of managing cross-border transactions for enterprises, trade volumes on the marketplaces have increased.
Bowler elaborated by saying that despite the general decline in transaction volumes in the Cryptocurrency sector, Ripple's native token is being used at a larger proportion on their platform. At the same time, Independent Reserve, a Cryptocurrency exchange located in Sydney, reports a 24-hour volume of XRP transactions of $10.2 million. If you add together the trade volumes of all other nations, you won't come close to this. Market participants as well as foreign remitters using the ODL system are among Independent Research's XRP trading customers, according to Chief Executive Officer Adrian Prezelozny.
Who Should Govern Cryptocurrencies?
Many people believe that Ripple's ongoing legal struggle with the SEC will have significant repercussions for the Cryptocurrency markets. Possible answers to the issue "who should govern Cryptocurrencies?" or if XRP and maybe all other Cryptos must fall under the jurisdiction of the U.S. SEC may well be provided by the conclusion of this case (SEC).
Where Do Ripple and the SEC Stand Now?
Despite these successes for XRP Down Under, Ripple continues to fight the SEC in court over whether or not XRP is a security. Ripple's lead attorney in the case, Stuart Alderoty, said the verdict would have far-reaching effects on the whole Crypto industry. According to Bloomberg, the next judgment will make it clear who is responsible for Cryptographic token regulation. Furthermore, it'd specify what kinds of assets are considered securities and what kinds are not. Legal briefs seeking summary judgment have been submitted by both sides in the Ripple dispute. The decision is anticipated to arrive in the first half of 2023, according to Ripple CEO Brad Garlinghouse and Stuart Alderoty. A decision from the court may come as soon as March 2023, according to James K. Filan. Alderoty thinks that it would have an impact on the development of the Cryptocurrency business in the US at some point. As this is happening, XRP is continuing its upward trend, recently trading around $0.3933 with modest rises on the graph.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.