Ripple Success: XRP Hits Record-Breaking Volume In Mexico And Philippines
XRP and Ripple alike had a great 2019, and it’s expected that this year will be even more successful.
Ripple saw an exponential rise in volume on ODL
It’s been revealed that Ripple reported an exponential rise in volume on its XRP-based remittance product known as ODL.
This is the On-Demand Liquidity, the product created by Ripple, which was formerly known as xRapid, and it’s powered by the digital asset XRP.
In its Q4 XRP Markets report, Ripple revealed that the amount of money flowing through ODL increased by 650% in 2019.
XRP volume hits all-time high in Mexico and Philipinnes
It’s been just revealed that the XRP volume hit all-time highs against the Mexican peso and the Philippine peso on two crypto exchanges that have teamed up with Ripple.
The Liquidity Index Bot reports that the XRP/PHP trading pair on the Manila-based exchange Coins.ph achieved a new record on Sunday.
This exchange uses ODL, and the volume on the pair jas been steadily rising since Ripple launched ODL back in 2018.
You should know that Bitso is another exchange that powers ODL.
The online publication mentioned above also notes that Ripple’s Brad Garlinghouse said that the rising volume in Mexico is related to MoneyGram.
XRP in the crypto market
Speaking of XRP’s price these days, the crypto market is trading in the green today, with BTC being able to surge past $9,000 once again.
XRP is also trading in the green, and at the moment of writing this article, the coin is priced at $0.232875.
XRP is expected to surge past the very first massive level of resistance, $0.30 soon, according to expert opinions.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.