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Why XRP Cryptocurrency Jumped 10% Today

Why XRP Cryptocurrency Jumped 10% Today
Written by publisher team

What happened

Wednesday turned out to be a great day for cryptocurrencies in general, but few did as well ripple (CRYPTO: XRP), which was up 10.7% towards noon today.

The cryptocurrency XRP being used on the Ripple platform was trending higher after Ripple announced at 2AM ET today that it had launched an on-demand liquidity (ODL) service to facilitate XRP remittances through the so-called Philippine Remittance Corridor between Japan and the Philippines. .

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so what

Ripple said it is partnering with SBI Remit, the largest money transfer provider in Japan, and one of the Philippines’ leading mobile wallet services, Coins.ph, to enable faster and more affordable cross-border payments from Japan to the Philippines.

As Ripple explains, Filipino workers in Japan send about $1.8 billion annually in remittance payments to the Philippines, and now more of that money can be sent than ever before in the form of XRP.

What now

Ripple says the new service will be popular not only for the direction of money flowing through it, but because making transfers in the form of XRP will avoid Japanese cross-border payment fees, which are among the highest in the world.

Since transfers from Japan to the Philippines tend to be “low-value, high-frequency transfers,” Ripple says, avoiding these payment fees is key to making sure as much money as possible reaches its intended recipients — rather than being withdrawn by intermediaries.

Ripple expects the service to expand beyond the Philippine remittance corridor to other markets in the Asia-Pacific region, which it says is “exploding with growth.”

“ODL in Japan is just the beginning, and we are looking forward to it [providing] The payments are in real time… to other parts of the region, too, Ripple said.

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