Ripple has been striving to push its technology and mass utilization of the XRP in the crypto market.
The recent XRP adaptation by companies similar to MoneyGram, an international money transfer company based in the United States, has led to the growth of XRP and Mexican Peso exchange volumes by twenty-five percent (25%) on Bitso, which is a Mexican Bitcoin exchange. Bitso and Bitstamp have recorded an abnormal spike in the exchange volume.
Bitso allows financial institutions to trade Fiat money by using xRapid, which is a liquidity solution for banks; it uses the XRP token as a bridge currency. A twitter user has posted about the recorded anomaly.
It has been reported that twenty-eight (28) transactions have been registered, while each of the transactions is worth over twenty-eight thousand (28,000) XRPs, which amount to over seven thousand dollars ($7340) each.
The transactions may have crowded the exchange with the cryptocurrency’s orders, which may be the cause of the spike in the token’s volume.
Another twitter user has posted about the unusual increasing volume of the XRP:
XRP On-Demand Liquidity: the ususal suspects transferred more than $1.2M transferred from Bitstamp to Bitso.
Someone is ramping up… 🤔 pic.twitter.com/zyYzHReD5S
— H_M_X_ (@hmatejx) October 3, 2019
The Ripple and Mexican Peso volume has shortly exceeded the Bitcoin and Mexican Peso volume on the Bitso Exchange. The graph depicts an increase in the trading volume by tall spikes after insignificant volumes.
XRP effect for Bitso
Ripple’s xRapid transactions have continued with their pace during the recent bearish trends of the market.
On Twitter, Ripple’s supporters report an abrupt increase of the xRapid volume, specifically after the MoneyGram partnership, while there is no certain data support the claim.
While the above data may be related to the xRapid transactions as Bitstamp and Bitso are considered as xRapid channels for the United States and Mexico.
