Ripple is awaiting a potentially game-changing court ruling for the US crypto industry. Meanwhile, its native asset, XRP, seems to be on a roll. A remarkable trend on the African continent where more and more countries are adopting it.
XPR used in 13 African countries
Worried about the outcome of the lawsuit between the SEC and Ripple, some users recently wanted to sell their XRP. A staunch crypto advocate had advised them against doing so. Maybe he was right given the trends that Ripple’s asset is experiencing?
Indeed, a report by the Swiss venture capital firm Crypto Valley Venture Capital (CVVC) reveals a craze for XRP. The study, titled African Blockchain Report 2022, shows that crypto is gaining ground in Africa.
Thus, 13 countries on the continent stand out among the most important users of XRP. Among these countries, mention is made of economically dynamic states such as South Africa, Nigeria, Côte d’Ivoire and Egypt. Or Ghana, Kenya and Senegal. This list also includes countries that are less economically well off. This is the case of Benin, Burkina Faso, Mali, Niger, Uganda and Togo.
The disparity between these countries makes it clear that Ripple’s asset is a solution for both. In particular, its On-Demand Liquidity (ODL) payment technology, which promotes real-time settlement of international transactions. In addition, at lower costs.
The conclusion to be drawn is that Ripple is effectively positioning itself in the African digital payments market. This, while the latter totals less than 10% of the total payments made on the continent.
This means that there is a potential that should be profitable for Ripple. The CVVC study, written with the assistance of the South African Standard Bank, highlights the savings possibilities offered by crypto funds transfers. They would be on average at least 6.3% superior compared to conventional methods.
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