Ripple’s XRP transaction volume breaks records in the Philippines and Mexico

  • Ripple’s recently renamed payment technolody, On-Demand Liquidity (formerly xRapid), has achieved a new record of volume liquidity against the Philippine and Mexican peso.
  • Emerging countries favour the use of digital payment systems such as those offered by Ripple.
  • Since the launch of ODL, the demand for XRP has skyrocketed and is gaining momentum to establish itself as one of the leading digital assets for cross-border payment services.

The third largest cryptocurrency by market capitalisation is off to a flying start this year, as Ripple’s ecosystem continues to grow and the international payment system On-Demand Liquidity (ODL) in the last quarter of 2019, has been a success, having achieved a 650% increase in transaction volume.

This trend of growth in the volume of XRP liquidity on the ODL platform continues to be felt at the new start of the year, particularly in emerging countries with high inflation, where an emerging demand occurs for more transparent solutions to process cross-border payments with lower commission costs.

XRP liquidity volume breaks records in the Philippines and Mexico

According to data published on the official twitter account of Liquidity Index Bot, the volume of transactions of the XRP has reached a new record, compared to the Philippine peso and the Mexican peso, in the Coins.ph and Bitso crypto Exchange.

As we can see in the graph, in Coins.ph, the volume of the XRP/PHP pair has reached a new peak, reaching 1,442,610, and obtaining a percentage increase of 42% today.

The Mexican exchange Bitso has also reached a new peak of liquidity yesterday, reaching 11,138,681 million, which has meant a great growth since the launch of this service in October 2019. Currently the volume of liquidity on the Mexican exchange stands at 10,398,056.

Both Bitso and Coins.ph have been proactive about the technology offered by Ripple, so it is certain that throughout the year, customers will continue to increase the volume of XRP liquidity on these exchanges, and it is likely that other countries will also seek this type of digital alternatives.

XRP sales are down and Ripple could go public this year

It is worth noting, as we reported earlier, that XRP token sales had declined significantly in the last quarter of the year, by over 80%. This may also have been one of the main reasons why the demand for liquidity from your ODL has grown considerably.

Recently Ripple said it would be considering an IPO and would launch an IPO within the next 12 months. There is no doubt that the launch of an IPO could be one of the events of the year, and it would bring Ripple closer to institutional investors, as well as becoming a key catalyst in the cryptocurrency market.

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About Author

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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