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Rising XRP Demand Among Market Makers Could Elevate Prices

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Aug 26, 2024 am 12:11 AM

ripple XRP Demand ODL Wealth Advisor

Market makers, who play a critical role in enabling these transactions, must keep XRP reserves to match market demand. As global ODL transactions expand

Rising XRP Demand Among Market Makers Could Elevate Prices

A wealth advisor has recently shared his thoughts on Ripple’s On-Demand Liquidity (ODL) and the future of XRP.

Mickle, who is known for his skepticism towards XRP, believes that ODL and related operations will increase demand for market makers to retain XRP, driving up its price.

In a recent tweet, Mickle stated, "ODL will increase the price of XRP. I don't think it will be used for retail trades, but rather large ODL transactions will be settled via market makers, who will need to hold XRP to facilitate these trades."

However, Mickle's statement contradicts Ripple's claims in the SEC case documents, which state that ODL is price neutral. Additionally, Bob Way, Ripple's former head of legal, had already left the company before the ODL flow was shifted to a Ripple-managed wallet.

Rising XRP Demand Among Market Makers Could Elevate Prices

Market makers play a crucial role in enabling these transactions by maintaining XRP reserves to match market demand. As global ODL transactions expand, so does demand for XRP among market makers, leading to increasing token accumulation.

This increased demand, combined with the restricted supply of the token, is expected to put upward pressure on its price.

Meanwhile, CNF previously reported that Ripple had signed 1,700 non-disclosure agreements (NDAs) with financial institutions, allowing XRP to be transferred to contractual counterparties in a variety of commercial operations.

At the time of writing, the Ripple token is trading around $0.6019, down 2.14% over the last 24 hours after briefly approaching $0.610. The daily trade volume is $1.265 billion.

Our prior report featured an analysis by an expert who forecasted a potential breakout for XRP, which might spark bullish momentum not seen since 2016–2017, possibly boosting the token’s price above $200.

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