XRP Breaking Records & Five Live ODL Corridors
An incredible start to 2020 for Ripple and XRP with ODL usage and payment volume breaking news records over the XRP/MXN and AUS corridors almost daily.
Since October 2019 we have seen an exponential growth in the usage of ODL mainly from MoneyGram’s Mexican remittance corridor which topped 16.6 Million XRP today.
This is an astonishing leap of over ten million in daily remittance volume since mid November last year, October’s total blitzed that of the entirety of 2018 also at 20 million XRP.
With the addition of five more corridors opening for MoneyGram as discussed below, XRP volume promises to explode in the coming months, hopefully price follows suit…
Also hot off the starting line is Ripple’s new Australian ODL corridor which has gone from near zero volume to over 3.6 million XRP in exactly one month.
Now fully tested and proven, many banks and financial institutions are staring to wake up and smell the coffee for the savings in both time and money that ODL represents.
And finally to the Philippines where a similar story is unfolding, starting at zero volume at the start of December last year, daily volume is hitting the 4 million mark.
With Ripple announcing five total corridors with far higher trading volumes, it is not difficult to see the new financial world Ripple is rapidly moulding.
As mentioned above Ripple SVP of product management Asheesh Birla gave us a taste of corridors to come in recent webinar aired by Alex Cobb shown below.
According to Asheesh, Ripple’s most popular partner MoneyGram are now live in five corridors with XRP being used to convert Euros, USD, AUS, MEX and the Filipino Peso.
The webinar mentioned that the low value cross border payments MoneyGram targets is a “$20-30 trillion opportunity” said Ginger Baker Sr. Director of Product
Conquering this market would push XRP value to ridiculous new highs but everyone is in agreement there is still a way to go yet.