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Does Ripple’s ODL Really Drive Up XRP Price? Experts Debate

April 1, 2024
in Business
Does Ripple’s ODL Really Drive Up XRP Price? Experts Debate
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Renowned crypto figure Panos Mekras recently sparked a lively debate within the XRP community, focusing on Ripple’s On-Demand Liquidity (ODL), now rebranded as Ripple Payments, and its impact on XRP’s market value.

Mekras vs. Community

Mekras firmly stated the fact that Ripple’s solution for cross-border payments, though successful, does not guarantee to influence the price of XRP. Developers revealed that Ripple promotes its products, like ODL, as part of its business strategy. Yet, recent data shows XRP purchasers make independent investment decisions, not solely relying on Ripple’s efforts. 

When I said that a while ago, I was attacked by some people purely for telling the truth. Now that Ripple says it and has confirmed it, what?

As a reminder: Ripple’s use case and cross-border payment solution for XRP, no matter how successful (and I hope it is because it’s a… https://t.co/yWu9KAOU9X

— Panos 🔼{X} (@panosmek) March 30, 2024

According to Mekras, most ODL transactions involve immediate buying and selling of XRP, without generating significant demand for XRP from ODL itself. This perspective aligns with Ripple’s submission to the SEC, where they explicitly stated that most ODL transactions are demand-neutral and do not impact XRP’s price. Furthermore, Mekras points out that much of the XRP utilized for ODL originates from Ripple’s escrow, which introduces additional selling pressure by injecting “new” XRP tokens into the market. 

Consequently, Mekras concludes that Ripple’s payment solution alone cannot drive up the price of XRP. 

In this context, Ripple provided a document to the SEC stating that most transactions using On-Demand Liquidity (ODL) don’t affect XRP’s price. This suggests that the value of XRP isn’t heavily influenced by speculative trading but rather by its practical use in cross-border payments. This reinforces Ripple’s argument about the utility of XRP beyond market speculation.

Community Response

However, Nietzbux brings a different perspective, stressing the importance of market liquidity and a strong XRP value for effective ODL. He suggests expanding XRP’s uses to boost demand, rather than relying only on Ripple’s efforts.

Can ODL raise the price of XRP?

I respect some of the very smart people who say ODL will never raise the price of XRP. But that argument relies on some logic that I have trouble accepting.

For ODL to work efficiently, or for any bridging product using XRP, you need highly…

— nietzbux (@nietzbux) March 30, 2024

Nietzbux finds this logic senseless, suggesting that it implies Ripple is relying on the community to generate the necessary demand and price increase for XRP. 

He presents a hypothetical scenario where a large bank wishes to transfer $100 billion using XRP, highlighting the impracticality due to the lack of liquidity. Nietzbux prompts reflection on why major banks haven’t embraced ODL fully and why ODL volume remains low compared to XRP’s total trading volume.

Photo of Debashree Patra

Debashree Patra

Fun-loving and cheerful, a passionate blockchain and crypto writer who knows no boundary…connect if you share the same passion. With 10+ years of writing experience, I am a Crypto Journalist by chance, exploring, and learning all the dynamics of the sci-fi action-filled crypto world. Currently, focusing on cryptocurrency news and price data. With a passion for research and challenging my capabilities, I am slowly getting into the crypto arena to bring new insights every day.

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Copyright for syndicated content belongs to the linked Source : Coinpedia – https://coinpedia.org/news/analyst-spills-the-beans-on-ripple-odl-misconception-to-boost-xrp-price/

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