XRP Trading Volume Spikes Showing Ripple’s xRapid Moving Funds Across Borders


It seems that there are some whales moving funds between countries that could be using he xRapid product developed by Ripple. According to a report released by Behind The Ledger, it is possible to see that the amount of XRP moving between Bitstamp and Coins.ph has been growing during the last few days. Bitso has also seen price increases in the last

Could xRapid be Increasing XRP Volumes?

Ripple has been working in order to offer companies the possibility to move funds across borders in an easy and fast way. One of the solutions created by the company is xRapid, that uses XRP as an intermediary currency that provides liquidity to institutions and firms.

Bitstamp, Coins.ph and Bitso, popular cryptocurrency exchanges in Europe, the Philippines and Mexico, respectively, have registered high trading volumes in XRP trading pairs. These digital exchanges work with Ripple and they allow the xRapid service to process operations between these regions.

As reported by Behind The Ledger, Btiso XRP/MXN volume is up considerably. At the same time, incoming traffic from Bitstamp has also grown.

Bitso’s XRP/MXN trading pair, that was on the 150th position on trading volume in CoinMarketCap, has jumped to the 84th position with a volume in 24 hours of $822,649. The Twitter user Behind The Ledger has also shown XRP transfer from Bitstamp to Bitso the last few days.

Some of the transfers processed between Bitstamp and Bitso averaged 3,300 XRP, close to $1,000. The number of transfers on March 28 was 373 and on March 39 was 132. There are four digital currency exchanges that have partnered with Ripple in order to work as a bridge between countries to process XRP transactions.

Users in Europe can send funds to Mexico between Bitstamp and Bitso in just a few seconds. Later, the conversion must be done between XRP and Mexican peso for the user to have the desired funds on his bank account.

At the moment, the largest company using xRapid is Mercury FX and that it has a corridor operating with the Philippines. The firm said that they are sending tens of thousands of dollars from the United Kingdom to Mexico and also the Philippines every single week.

Currently, XRP is the third largest cryptocurrency in the market. It has a market capitalization of $13 billion and each XRP coin can be purchased for $0.311.

Live Ripple (XRP) Price:

1 XRP/USD =$0.2464 change ~ 2.46%

Coin Market Cap

$10.67 Billion

24 Hour Volume

$186.84 Million

24 Hour VWAP

$0

24 Hour Change

$0.01

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