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The lawsuit by SEC on Ripple’s top executives has not been able to stop XRP from claiming the top 7 ranking on the cryptocurrency global leaderboard. To make the XRP token safer, the company has distanced its association with the token by attaching it with a new enterprise called XRP Ledger. For the time being, the case is still pending judgment in the court on account of a discovery approval by the presiding Judge Sarah Netburn.
On the other hand, Ripple has been making partnerships left and right to strengthen its position in the cryptocurrency market. The latest new project announced by the San-Francisco-based organization is a liquidity feature. The new venture titled the Ripple Liquidity Hub will be extending the services offered under the banner of ODL by Ripple.
New Liquidity Hub by Ripple is Going to Revolutionize the Market
The On-Demand Liquidity or ODL service is a novel feature introduced by Ripple. With the help of ODL, Ripple allows investors to gain access to more liquidity channels by offering XRP as a bridge. This new feature has made a positive impact on the price movement of the XRP token as well. Asheesh Birla, the General Manager at Ripple Net, recently told the media that this new venture would be able to make a major difference for the smaller exchanges by opening bigger trading channels for them.
Birla also added that around 600 cryptocurrency exchanges are operating in the world. He claimed that most of these exchanges face limitations due to the absence of multiple liquidity channels. He also told the media that the Ripple Liquidity Hub is expected to go live in 2022, and the initial phase is going to provide support for Bitcoin, Bitcoin Cash, Ethereum classic and 2.0, Litecoin, and different tokens according to the geographic jurisdictions.
Don Guo is the founder and CEO of Broctagon, which is also directed towards registering the smaller crypto exchanges and allowing them access to the liquidity pools hosted by their larger counterparts. Guo told the media that the lack of liquidity options is a major issue faced by both enterprise and individual crypto traders. He also acknowledged the need and importance of the new initiative by Ripple, claiming that it will make a visible difference in the market.
The GM of Ripple Net, Birla, pointed out that as time is passing by and the popularity of crypto trading is becoming more popular, the traditional financial institutions like banks are opening up to the idea of cryptocurrency integration. He further added that Ripple Liquidity Hub is going to allow these institutions to go through this transition via third-party services. He also added that Ripple is currently working on a wallet that will be able to hold any asset that has been tokenized.