XRP’s liquidity index in Australia has reached ATH, while the PHP and MXN corridors are about to match

The XRP’s liquidity index with MoneyGram’s three money transfer corridors so far includes the Philippines, Mexico, and Australia. And the XRP / AUD pair has reached a new high today.

XRP’s liquidity reached ATH, XRP trading corridor accelerated

On February 8, 2020, the Australian corridor cooperated with the BTC Markets exchange, setting an all-time high, reaching 4,503,110 compared to 4,271,894 before. Daily progress to date is below 30%.

As Ripple’s MoneyGram partner first launched the XRP / MXN corridor running through the Bitso Mexico exchange platform, the XRP liquidity index is the highest ever. At the time of writing, the liquidity of XRP / MXN is approaching 17,241,463, a total of 16,884,562.

US-Mexico remittances reach over $ 35 billion annually

Through the use of Ripple’s On-Demand Liquidity solution, Mexican cryptocurrency exchange, and money transfer service, Bitso has planned to process 20% of all cross-border money transfers to the country.

Bitso CEO Daniel Vogel has shared his expectations of Ripple’s potential expansion of ODL. Vogel expects to earn up to 20% of weekly remittances, a significant portion of a $ 35 billion market each year.

Vogel shares:

“Ripple’s ODL solution transferred $ 18 million via XRP in the last week of December. The volume of Bitso originated from MoneyGram’s operations; the company used XRP for 10% of its transfer. MoneyGram, a partner, acquired by Ripple, Inc., holds some of the largest money transfer markets, including Mexico and India.”

Vogel adds:

“We have increased our volume, and this is because we spent the last long time building up a remittance solution that you mentioned in the introduction. For us, what is important because it goes back to cryptocurrency utilities, goes back to the business model where you don’t necessarily have to depend on the price of cryptocurrencies to get your business up and running.”

XRP price is trying to make a miracle for 2020

Optimistic expectations come at a time when XRP hopes to move forward with more positive news about the utility and overall optimism of the market. XRP still marks about one million transactions per day, but the real motivation is to see RippleNet bring actual volumes to the legacy financial industry. MoneyGram has been one of the most significant users of XRP payment channels.

The XRP price has stabilized at $ 0.2744, after rising above $ 0.28. Currently, the asset is still struggling to exit but has recovered from December’s lows at $ 0.18. Perhaps the most encouraging sign is the increasing volume and liquidity, as XRP has spent months with relatively low trading activity.

XRP is central to Bitso’s operations, forming the most active trading pair. From now on, XRP will also see its price determined by a new futures contract on BitMEX, which can expand volumes beyond the relatively small spot market.

Still, there are ideas that XRP will fail in 2020. Such as Mike Novogratz, Galaxy Digital CEO, assumed that Ripple’s XRP is going to underperform this year, as it did in 2019.

Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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