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Dominance of XRP coin surging on Australian Crypto exchanges

Dominance of XRP coin surging on Australian Crypto exchanges 12

The trade volume of XRP coin surpassed Bitcoin trade volume on Aussie crypto trade platforms.

XRP Ledger (XRPL) is a Proof-of-stake (PoS) consensus-based blockchain network and XRP is a native coin on the XRPL. Ripple is a San Francisco headquartered Fintech company, which uses XRP coin trade volume to process cross-border payment services for all kinds of small & big businesses.

With the last few days, it has been found that XRP coin trade volume is dominating the majority of the Australian Crypto exchanges. A Financial Review report shared by Neil Smith noted that two days back XRP was the top traded coin on exchanges.

In particular, a report noted that XRP contributed to 62% of the trading volumes on the BTC Markets, a Melbourne-based Crypto exchange. It also accounted for 82% of the Independent Reserve Exchange over the past day. 

Caroline Bowler, CEO of BTC Markets, talked about the top-notch dominance of XRP coin on the exchange and said that it is because Ripple is an ODL partner of BTC Markets in the country and this is a big reason why the trade volume of XRP coin is high on the exchange. 

The CEO also explained that Ripple ODL is a part of the payment service of Ripple and the company uses this ODL to provide crypto-backed payment services without any involvement of the Bank. 

Ripple vs SEC 

Despite getting significant support in Australia, Ripple is under a legal hurdle with the United States Securities and Exchange Commission (SEC). In Dec 2020, the SEC agency initiated a lawsuit against Ripple & its two top executives. 

Through the lawsuit, the SEC agency wants to prove that the XRP token is a security & Ripple company violated the securities Act because its executives sold $1.3 billion worth of unregistered securities publicly.

Read also: So far US authorities seized $697M belonging to FTX’s former CEO SBF

Dominance of XRP coin surging on Australian Crypto exchanges



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