February 20, 2020
LOS ANGELES, Feb. 20, 2020 /PRNewswire/ — January trading activity for XRP was higher than all other assets according to iTrustCapital, a trading platform for cryptocurrencies and physical gold in retirement accounts.
XRP, the third-largest cryptocurrency by market cap, has a unique position in the marketplace. Like Ethereum, but unlike Bitcoin, XRP is the critical component in a decentralized network to enable transactions. Unlike Ethereum, Ripple and XRP focus on working with existing stakeholders (including banks and non-bank money transmitters) to solve problems transferring wealth across borders.
Making payments and transferring assets across borders within traditional financial networks is expensive, difficult, and slow. Ripple’s On-Demand Liquidity (ODL) solves this problem by enabling instant conversion between the sending and receiving assets without the volatility risk associated with other cryptocurrencies. According to Ripple’s 2019 quarterly report, ODL transactions increased 550% from Q3 to Q4 as two dozen new companies signed on to use the ODL network.
“Trade in fiat currency, so-called Foreign Exchange, or Forex, exceeds $5T per day. It seems some of our clients may be trading XRP digital currency in anticipation XRP will be grafted into the infrastructure of these forex markets. As a trading platform, iTrust Capital has to be totally agnostic in which digital currencies its investor-clients trade; however, there are never coincidences in trading activity. I don’t think it’s a coincidence that we are seeing more clients invest in XRP after seeing the massive increase in Ripple’s ODL transaction volume,” says Tim Shaler, Economist-in-Residence at iTrustCapital.
Tim Shaler is a professional investor and economist. In his previous role as a portfolio manager and analyst at the world’s top fixed income and equity investment firms, Tim created billions in alpha for fund investors. Tim currently serves as economist in residence for iTrustCapital.
iTrustCapital is a digital asset trading platform that allows clients to buy and sell physical and digital assets, 24/7, through their retirement accounts. iTrust was founded in 2018 and launched its 24/7 IRA trading platform last July, which lets its clients buy and sell Bitcoin, other cryptocurrencies, and coming soon physical gold with only a 1% trading fee. Their $29.95 a month service includes the setup and maintenance of an IRA and unlimited secure storage.