XRP volume just hit an all-time high against the Mexican peso on the crypto exchange Bitso.
Bitso is one of the exchanges powering Ripple’s ODL, and money transfer giant MoneyGram says it’s now moving 10% of its daily transactions between Mexico and the US by using the XRP-based payments product.
On a recent episode of the FintechBeat podcast, Ripple CEO Brad Garlinghouse confirmed the rising volume is linked to MoneyGram.
“It’s a public ledger. You can see where volumes are growing, contracting, and we’ve talked publicly about it – partly because of MoneyGram as well as some other customers who are using what we call On-Demand Liquidity. The product is moving [capital] so that you don’t have to pre-fund.
You can see that the volume of transactions between XRP and the Mexican peso, at a time when crypto trading dropped by about 50% over the summer, that volume grew by more than 50%. That’s because there’s real utility, and that’s a growing amount of traffic, and we’re continuing to grow that amount of traffic. So you can see the percentage of XRP to MXN – Mexican peso transactions. As that grows, it’s a pretty safe bet that a larger and larger percentage of that is actually utility and no speculation.”
The Liquidity Index Bot reports that the trading pair achieved a liquidity index record on December 30th.
The record-setting index level eventually topped out at 10,189,161, and it continued to hover near that level on the following day.