- All three XRP lanes cannot pause
- COVID-19 stimulates demand for XRP
The three XRP indices (XRP / PHP, XRP / AUD and XRP / MXN) have recently reached new daily highs with only 17% of the data available.
Their volumes have almost doubled in the past month, as Ripple’s liquidity on demand (ODL) solution for cross-border payments is gaining momentum.
All three XRP lanes cannot pause
The XRP / MXN liquidity index, which recently hit an historic high of 26.7 mln XRP, has so far increased by almost 170% this year. Last year, Ripple and MoneyGram launched ODL in Mexico with the help of Bitso, the country’s largest cryptocurrency exchange.
The other two widely followed payment corridors to the Philippines and Australia are not yet as high in number, but appear to be following the same growth path.
COVID-19 stimulates demand for XRP
In particular, the three indices began to see their volume increase at the end of March when the COVID-19 crisis reached its tipping point.
Almost four billion people remain stranded, boosting demand for quick cross-border payments. As Easter approaches, migrant workers must send money home.
As reported by U. Today, Ripple switched to remote work due to the crisis, but chief executive Brad Garlinghouse said the company would continue to support its customers at this critical time.