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Ripple: XRP volume for Mexico and Australia reaches all-time high

  • The liquidity of XRP has reached a new record in the payment corridor to Mexico. Other corridors are also showing strong increases.
  • A few hours ago, Ripple released one billion XRP for sale to institutional investors and other capital providers.

Even though the price of XRP is not intended to take off, Ripple is registering numerous new partnerships. In addition, the transaction volume continues to rise worldwide. Ripple already has more than 300 cooperation partners and is further expanding its presence in Asia. Numerous payment corridors show an upward trend and even set new records.

New record for XRP on Mexican exchange Bitso

Ripple already entered into a cooperation with the largest cryptocurrency exchange in Mexico, Bitso, last year. The exchange uses the On-Demand Liquidity (ODL) payment technology to process cross-border payments between Mexico and the USA and has an ambitious goal. Bitso plans to process 20% of the total transaction volume between Mexico and the US, with the current share of the total transaction volume in the corridor varying between 4% and 5%.

According to data from the Liquidity Index Bot, the liquidity of the XRP/MXN currency pair on Bitso has risen sharply in recent days. On May 27th, the volume was 32,962,643 and rose to a new record of 37,150,677 on May 31st.

A new all-time high of 15,630,556 was also tracked on the Australian payment corridor XRP/AUD on 31 May. Since the beginning of April, the transaction volume has risen steadily and shows a continuing steep upward trend.

Image

Source: https://twitter.com/LiquidityB/status/1267350405190758400/photo/1

The payment corridor between the United States and Europe, which has received little attention to date, is also currently on its way to reaching a new all-time high. Already a week ago, Ripple CTO David Schwartz confirmed that the transaction volume in this corridor has increased by more than $1.5 million. As the Liquidity Index Bot data shows, the volume for Bitstamp has risen strongly again in recent weeks.

Image

Source: https://twitter.com/LiquidityB/status/1267350412170080256/photo/1

The Community asked Schwartz whether, for this payment corridor, it was possible for ODL to replace the Nostro/Vostro accounts for this corridor as well. Schwartz stated that this does not require too much effort, as it can be easily implemented:

Yes. The benefit of having to keep only one pile of money in one place across multiple corridors is a factor as well. Also if we’re doing USD and EUR as source currencies, it’s not hard to add USD<->EUR — all you need is the last mile to get to the recipient.

Only on the payment corridor to the Philippines for the XRP/PHP currency pair has the volume remained the same in the last 14 days. The all-time high was reached on 4 April 2020 with 11,508,219.

Image

Source: https://twitter.com/LiquidityB/status/1267305298110353408/photo/1

It should be noted that the data shown here always shows the total liquidity of XRP and not the volume of ODL or any other payment solution offered by Ripple. The trend for the payment corridors under consideration continues to be strongly positive and shows the continued increase in demand for XRP as a bridge currency.

Ripple releases one billion XRP for sale

A few hours ago, Ripple again released one billion XRP for sale to investors. In December 2017, Ripple has committed to release one billion XRP per month for sale from the company’s escrow account. However, recent quarterly reports have shown that sales have fallen sharply as Ripple has been able to raise capital through alternative means.

Most recently, Ripple raised $200 million in a new round of financing through the participation of Tetragon, SBI Holdings and Route 66. Ripple also plans to raise new capital through an initial public offering this year.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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