Ripple Makes Record Transfer in Top Remittance Markets
- xRapid sees sharp growth in Mexico and the Philippines
- Another ATH was seen on exchange Bitso
- Ripple takes a new approach, exclusively promotes RippleNet
xRapid, Ripple’s XRP powered cross-border payments solution saw transfers worth $18.9 million in September between Mexico and the Philippines corridor, shared an XRP community member @hmatejx on Twitter.
September saw 18.9M USD transferred over xRapid* to Mexico and Philippines.
~ 🌋 ~
* high likelihood of being actual xRapid traffic pic.twitter.com/hsROsVWZwN
— H_M_X_ (@hmatejx) September 30, 2019
The growth has been sharp as just last month, the numbers recorded were below $11 million.
Given the fact that Mexico and the Philippines are among the world’s top remittance markets accounting for $36 billion and $34 billion respectively, these markets has a lot of potential for XRP.
Another record was made in terms of trading volume on the Mexico-based cryptocurrency exchange Bitso.
First day of October saw another ATH in Bitstamp → Bitso pic.twitter.com/3VPjVUsjmy
— H_M_X_ (@hmatejx) October 2, 2019
Bisto is one of the few exchanges that accept fiat from financial exchanges and executed transactions via xRapid.
In Q2 Markets Report, Ripple reported a whopping 170 percent rise in xRapid volume over the previous quarter.
Ripple has pivoted to a new approach as they now offer just a single solution, RippleNet, uniting the features of all of its other products into one.
“With a single connection, access the best blockchain technology for global payments, payout capabilities in 40+ currencies, On-Demand Liquidity as an alternative to pre-funding, and operational consistency through a common rulebook,”
the company defines the working of the network.
XRP, meanwhile, is currently trading at $0.251 with 24 hours loss of 1.09 percent, at the time of writing, as per Coincodex. In 2019, XRP’s price has lost 29% of its value.