XRP price has taken a hit recently while utility and usage continue to break daily volume records, now making up 10% of ALL Mexican remittance.
Ripple CEO Brad Garlinghouse announced at Swell last week that XRP utility saw more volume in October this year than 2018 as a whole.
While price does not at all reflect these stats it is increased utility and usage that will allow XRP to take on systems like Swift, in turn driving up its price.
We’re able to settle billions of dollars in seconds. The magic really comes from pairing MoneyGram transactions with Ripple’s ODL. We continue to work with Ripple to build liquidity. We now have four new corridors we are starting, including the Philippine peso and Australian dollar.
Alex Holmes MoneyGram CEO
Yesterday XRP liquidity reached over 5 million for the first time and already today the index is charting over 5 million with hours to go until market closing.
All of this points to mass adoption, today’s records will seem ridiculous in the coming months as banks across the world start to dip their toes into ODL liquidity.
A SWELL RISING – XRP/ODL liquidity reached an all-time high of over 5 million yesterday & is currently at 5 million today with many hours left until close…This explosion in usage is mostly down to MoneyGram ramping up volume, only 10% of its remittance flows through the United States/Mexico corridor.
You can see why they are so eager to expand into all their other global corridors increasing XRP and MoneyGram’s global liquidity rather dramatically.
The amount of ODL that bankers told us they could push through ODL DAILY is staggering. You cannot believe the volumes they are talking about when the necessary corridors are open for business. By Ripple allowing us to rub shoulders with their existing customers & prospects that want to be customers gave us a very clear perspective of the future
David Schwartz said at Swell the opportunity to test XRP on larger scales is a win-win for the unlimited source of volume from a ‘motivated customer’.
We are in the crawling stage for XRP mass adoption, utility, and usage but as Garlinghouse said last year, digital assets who flourish will be those with real utility.
Back to the price, we fully expect XRP to rise steadily as it ramps up the volume Ripple’s CTO is talking about and it is only a matter of time.
Right now we are seeing serious market manipulation across the entire crypto space and we have an upcoming blog exploring this coming soon.
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