- Ripple (XRP) records new all-time high in trading volume on 3 corridors for XRP/MXN, XRP/PHP and XRP/AUD pairs.
- The blockchain platform Sologenic launches a reward program for the development of the XRP Ledger.
According to data collected by the Liquidity Index Bot, Ripple recorded a new all-time high in transaction volume for 3 corridors. The new record follows the increasing trend that has been seen in transaction volume in the Mexico corridor with the XRP/MXN pair and the Philippines corridor with the XRP/PHP pair since late 2019. Ripple’s most recent corridor was opened in Australia with the XRP/AUD pair.
On February 7, 2020, the transaction volume for the XRP/MXN pair was 17,228,102 XRP. As reported by CNF, Ripple’s payment corridor to Mexico is one of the fastest growing. The transaction volume for this corridor has doubled since December 2019. The growth is attributed to the high level of participation that Mexico plays in the remittance market to Latin America.
In addition, Ripple partnered with the Mexican exchange Bitso in October of last year. The cooperation allows Bitso to use Ripple’s On Demand Liquidity product to make cross-border payments. The Mexican exchange converts XRP into the national currency, the Mexican peso.
On the other hand, Ripple’s payment corridor for the Philippines continues to perform well. The latest update of the Liquidity Index Bot, at the time of publication, records an all-time high in transaction volume of 4,608,158 XRP. The corridor tracked the record transaction volume during February of this year. Since the beginning of this month the historical maximum has grown to around 900,000 XRP.
The payment corridor for Australia was opened during last quarter, as stated by Product Manager Ginger Baker. Since then, it has grown well and recorded a transaction volume of 4,521,331 XRP. Since the beginning of 2020 the corridor has had sustained growth and its trading volume has grown from less than 500,000 XRP to the current level.
Ripple CEO Brad Garlinghouse said last year that Ripple’s customer base would increase by 40% and transaction volume by 600% by 2020. So far the indicators have proven him right. A Ripple report revealed that total transaction volume increased by around 600%. In addition, Ripple’s financial product On Demand Liquidity, which uses the native token fo Ripple, XRP, increased its transaction volume by 390% compared to last quarter.
Sologenic drives development of XRP Ledger
The blockchain platform Sologenic which is built on the XRP Ledger, reported that it will launch a rewards program to boost the development of Ripple’s technology. Sologenic said on Twitter that it wants to accelerate the growth of the XRP Ledger.
Sologenic co-founder Bob Ras said they will launch a reward for 10 entities or developers who create a validator for XRP. The condition is that the project must be completed this year. Funding for the reward will come from the SOLO Community Fund.