Bitcoin and Ethereum dethroned by XRP. The coin issued by Ripple has dominated trading in Australia. The main reason is the popularization of the On-Demand Liquidity (ODL) solution.
XRP the leader in Australia
BTC Markets, a Malbourne-based exchange, noted on Wednesday, January 18, that XRP transactions accounted for as much as 62% of all cash volumes on the exchange. The data refers to the last 24 hours. Similar news came from Independent Reserve, based in Sydney. Here, in turn, XRP-related transactions totaled $10.2 million, accounting for more than 50% of total turnover.
In turn, according to information from Ripple Inc, the entity recorded a volume jump of nearly 82% of the total available cash volume present on the Independent Reserve exchange. Caroline Bowler, CEO of BTC Markets, links these facts and explains:
“It is ODL that accounts for a larger percentage on our platform, as cryptocurrency market volumes in general are still relatively flat across the industry.”
ODL is a Ripple product that allows both companies and individuals to make cross-border payments. BTC Markets is partnering with this solution and facilitating Ripple’s wider adoption.
Brad Garlinghouse forecasts
Another factor that significantly affects XRP’s turnover is the pending settlement of the court case between the SEC and Ripple. The company’s CEO is currently at the Davos Economic Forum. He was a guest of CNBC on this occasion. He took the opportunity to talk about his prediction on its further course:
“The case is now fully presented before the judge. We are optimistic that it will certainly be resolved in 2023, maybe in the first half. We’ll see how it plays out, but I feel very good about where we are in relation to the law and the facts.”
XRP ahead of key resistance
In the meantime, XRP seems to be playing out a similar pattern that until recently was the domain of Bitcoin. We see a clear indication of a potential double day, using a pattern known as ‘Adam & Eve.’ The coin faces strong resistance on this occasion, marked by the gray rectangle. Overcoming it will require a decisive increase in volume.
Even more interesting is the construction of the chart of XRP against BTC. Here we see a huge symmetrical triangle, already formed since the end of 2020. In addition, a descending channel (lines drawn based on candle bodies) is forming inside it. Positive news from the courtroom, may lead to a strong breakout of both formations.