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Ripple’s Cross-Border Bet on XRP Just Hit Record-Breaking Volume in Mexico and the Philippines

January 27, 2020

XRP volume just hit all-time highs against the Mexican peso and the Philippine peso on two cryptocurrency exchanges that have partnered 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.

Coins.ph is one of the exchanges utilizing Ripple’s XRP-powered cross-border payment solution called On-Demand Liquidity (ODL). Volume on the trading pair has steadily risen since Ripple launched the liquidity solution back in October of 2018.

Meanwhile, the XRP/MXN trading pair on the crypto exchange Bitso skyrocketed to a new liquidity index record on Wednesday, according to data from the Liquidity Index Bot.

Bitso is also one of the exchanges powering ODL which money transfer giant MoneyGram says is now moving 10% of its daily transaction volume between Mexico and the US.

On a recent episode of the FintechBeat podcast, Ripple CEO Brad Garlinghouse confirmed the rising volume in Mexico is linked to MoneyGram.

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Featured Image: Shutterstock/Sergey Nivens