XRP has been widely used by major financial institutions for cross-border transfers using Ripple’s technologies, like the xRapid. Ripple’s recent partnership with Moneygram was followed by an active corridor of XRP/MXN, as its volume spiked by 25% on Bitso exchange. Following various other partnerships in the institutional ecosystem over the past week, a new high in On-demand liquidity of XRP between Bitstamp to Coins.ph, an xRapid powered e-wallet and financial services firm in Southeast Asia, and Bitstamp and Bitso, was observed.
An active XRP user on Twitter, @hmatejx, highlighted the potential xRapid flow against USD and wrote,
The week is not yet over, and we are already at a new high in ODL traffic between Bitstamp to Bitso and Bitstamp to CoinsPh. pic.twitter.com/B60EaplPF7
— H_M_X_ (@hmatejx) October 6, 2019
The transactions on Coins.ph and Bitso since 2017, with destination tag 25370527, appeared as under on the laser-focused mode provided by the user.
Source: Twitter
These transactions were noted to be on the rise and reached $6.5 million between Bitstamp and Bitso, as of 6 October, indicating a probable active corridor in Mexico. However, the Philippines wasn’t left behind as it too noted a significant rise in volume.
Source: Twitter
This surge contributed largely to remittances to Mexico and the Philippines in the previous month, highlighted by prominent XRP influencer CryptoEri noting that XRP remittances were up by 80%, or transfers worth $18.9 million over the past month.
According to data provided by the World Bank, the Philippines is the second-highest remittance receiver after Mexico and accounts for $34 billion. Ripple has successfully bagged over 20 institutions whose use of its cross-border tech has been visible in its Q2 report, a report that recorded a 30% increase in the number of live xRapid partners.
