Ripple CEO: Request for Report on Foreign Transactions of XRP Product in Current Market

Ripple CEO Brad Garlinghouse announced that the company's demand for its cross-border XRP payment product has gone through its current business, The Daily Hodl reported. A payment processor called Liquidity on Demand (ODL) relies on cryptocurrency exchanges to receive money and convert XRP equivalents directly to fiat across borders. As long as there is sufficient water in the XRP market, trading can be completed in seconds and can affect the volatility of cryptocurrencies. In order to have sufficient capacity, Garlinghouse said it was necessary to slow down the supply. Garlinghouse also said demand for ODL has exceeded demand for RippleNet, the company's primary international payments platform that doesn't require XRP. Ripple said more than 20% of the activities of its global network of financial institutions now use local funds. It was below 10% in the fourth quarter of 2019.