Ripple’s ODL May Drive Up XRP Demand, Says Wealth Advisor
The post Ripple’s ODL May Drive Up XRP Demand, Says Wealth Advisor appeared on BitcoinEthereumNews.com.
Mickle suggests Ripple’s ODL will drive market makers to accumulate XRP, potentially boosting its demand. Ripple’s 1,700 NDAs with financial institutions support XRP transactions, expanding its use in commercial transfers. In a video, wealth advisor Mickle recently expressed his thoughts on Ripple’s On-Demand Liquidity (ODL) and the future of XRP. Unlike other skeptics, Mickle believes that ODL and related operations will increase demand for market makers to retain XRP, perhaps driving up its price. ODL will increase the price of XRP *FACT* pic.twitter.com/6TcaU0vu64 — mickle (@xrpmickle) August 23, 2024 Rising XRP Demand Among Market Makers Could Elevate Prices Market makers, who play a critical role in enabling these transactions, must keep XRP reserves to match market demand. As global ODL transactions expand, so does demand for XRP among market makers, resulting in increasing token accumulation. This increased demand, combined with the restricted supply of the token, is expected to put upward pressure on its price. Also, popular Ripple advocate Crypto Ery commented on Ripple’s response in the SEC case documents, claiming that ODL is price neutral. He also mentioned that Bob Way had quit Ripple before the ODL flow was switched to a Ripple-managed wallet. On the other hand, CNF previously reported that Ripple had signed 1,700 non-disclosure agreements (NDAs) with financial institutions, allowing XRP to be transferred to contractual counterparties in a variety of commercial operations. At the time of writing, the Ripple token is trading around $0.6019, down 2.14% over the last 24 hours after briefly approaching $0.610. The daily trade volume is $1.265 billion. Furthermore, our prior report highlighted that an analyst forecasted a potential breakout for XRP, which might spark bullish momentum not seen since 2016–2017, perhaps boosting the token’s price above $200. Recommended for you: No spam, no lies, only…
Filed under: News - @ August 25, 2024 1:17 pm