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Ripple (XRP) has announced the launch of its new On-Demand Liquidity (ODL) payment corridor between Japan and the Philippines. SBI Remit, Japanese finance group SBI’s remittance division, partnered with Philippines-based crypto exchange Coins.ph on this project.
The ODL product uses XRP, a connectivity currency, to eliminate pre-tapping into the cryptocurrency’s liquidity. Through its implementation, remittances should become more affordable, which is a significant problem in Japan currently.
SBI’s cryptocurrency trading division, SBI VC Trade, will address the provision of necessary infrastructure to handle remittances sent by SBI Remit.
Meanwhile, SBI has asserted that it will continue to grow its partnership with Ripple. Director of SBI Remit, Nobuo Ando, commented on the development that:
“The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well.”
Japan, the current host of the Tokyo 2020 Olympics, has remained in a devoted business relationship with Ripple.
The Asian giant is currently the top candidate for Ripple’s global headquarters in late 2020. However, this plan is on hold due to the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
Key Ripple Levels to Watch — July 28
Ripple is currently in the middle of a massive bull rally from the $0.6500 support earlier today. The sixth-largest cryptocurrency is now on the verge of retaking the $0.7500 resistance after five weeks.
That said, we expect a bullish continuation over the coming hours above the $0.7500 level as bulls continue to expel sellers and bearish pressure from the market. Any price declines from this level should get repelled by the $0.7000 level.
Meanwhile, our resistance levels are $0.7500, $0.7800, and $0.8000, and our support levels are $0.7000, $0.6500, and $0.6000.
Total Market Capitalization: $1.56 trillion
Ripple Market Capitalization: $33.5 billion
Ripple Dominance: 2.14%
Market Rank: #6
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