Over 50% of Ripple’s total billion-$-transaction volume runs now on XRP – Can it drive the price to $1?

  • More than 50 percent of transactions now run on XRP, says CEO Brad Garlinghouse. 
  • Brad Garlinghouse maintains positivity for Ripple, and predicts that Ripple’s case with the SEC will soon come to a close. 

Ripple CEO Brad Garlinghouse has made a remarkable revelation about XRP’s growth. In a recent interview with CNBC, Brad Garlinghouse disclosed that XRP is now processing over half of the network’s transactions.

The growth is reflective of XRP’s development and adoption over the years, mainly because transactions processed on XRP in previous times were significantly lesser in number.

We’re now processing billions of dollars of transactions every quarter, and we’ll over half of the total transaction volume, because we do have a fiat and XRP enabled products goal on-demand liquidity, over half of all our transactions go through XRP now. That has grown.

Garlinghouse also added that Ripple has also seen an upsurge in the number of contracts and customers using its network. The growth, as he explains, can be tied to the launching of more quarters and more currency fares, which has enabled Ripple to build visibility and trust in the market.

Addressing the effects of the SEC lawsuit filed against Ripple in late 2020, the CEO also told CNBC that he was uncertain how new and existing customers would react to the lawsuit.

After the SEC deemed Ripple a security, Ripple’s U.S. customer base has expressed confusion about Ripple and its future.

However, it appears that interest in Ripple from non-U.S. investors has increased greatly since the filing of the lawsuit. The CEO explains that in the last two years, 95 percent of customers that have been signed to Ripple are from outside the United States.

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The demand from Ripple in foreign countries has led the CEO to consider relocating to London. In 2020, Brad Garlinghouse disclosed that depending on the outcome of the ongoing lawsuit, Ripple might move activities to the United Kingdom, as it presents a better climate for both the Ripple network and XRP.

Can XRP’s transaction growth influence send prices to $1?

At this time, there is no data indicating that the growth in increased transactions is in any way affecting XRP’s price.

It is important to keep in mind that supply might presently be outstripping demand, which might result in restriction of price action. Additionally, as supply reduces and demand for XRP rises, prices are primed to take off, and XRP is still poised to benefit, as a utility for Ripple could stimulate prices.

Meanwhile, Brad Garlinghouse is expressing optimism for cryptocurrency after the World Economic Forum commenced in Davos. He points to a healthy change in how cryptocurrencies showed up to the summit this year, as more focus is now being placed on utility.

The Ripple boss who also made an appearance at Davos, spoke on Ripple’s ongoing lawsuit with the SEC, expressing certainty that the lawsuit will be resolved in the first half of 2023.

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Olivia Brooke has been writing about cryptocurrencies since 2018. She’s currently fascinated by NFTs, and she remains committed to learning and writing about the broader cryptocurrency industry.

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