Available data reveals that Ripple has seen an all-time high in trading volume on three important corridors.
As relayed by Liquidity Index Bot, Ripple broke records in terms of transaction volume in three corridors Mexico (XRP/MXN) in Philippine (XRP/PHP) and Australia (XRP/AUD).
The all-time high trend is a result of the continuous use of Ripple’s On-Demand Liquidity product, which leverages XRP token for cross-border remittance service.
Of the three, the Australian corridor is the most recent, where XRP is being used to execute transactions.
The transaction volume of XRP/MXN pair surged to 17,228,102 XRP on February 7, 2020, denoting that financial institutions like FlashFX are increasingly making use of Ripple’s remittance solution at this moment.
Ripple’s payment services in Mexico, where Bitso is a major pivotal, is one of the most widespread and fastest-growing remittance corridors.
The growth is attributed to the high level of participation that Mexico plays in the remittance market to Latin America.
The partnership with Bitso has heightened the use of XRP in the remittance corridor coupled with the fact that Mexico is an important country in Latin America’s remittance industry. Bitso alone is targeting around 20% of the total remittance fund entering Mexico.
As well, in the Philippines, Ripple’s ODL is gaining increased usage. Data from the Liquidity Index Bot, shows that Ripple’s ODL saw an increased transaction volume of 4,608,158 XRP. In the Philippines, Ripple employs the service of Coins.ph as a settlement exchange for XRP.
For Australia, the corridor launched in the last quarter of 2019, and it has recorded an all-time high of 4,521,331 XRP, growing from less than a million when it was launched.
As the world expects Ripple to launch more ODL, FlashFX’s co-founder foresaw the launch of at least 20 more payment corridors.
While Ripple has not spoken about the next big corridors to be launched, Africa and other untapped corridors pose a big growth for Ripple as it compete to dominate the remittance world.
Meanwhile, one of Ripple’s strong partner, MoneyGram, is launching online services across the world to ease the mode of money transfer. The firm has launched an online remittance service in Singapore, a key remittance point in Asia.