Ripple is back. After almost two years in the downtrend, XRP was able to break out upwards and end the negative trend for now. Also from the fundamental side it continues to go in the right direction. The expansion of the on-demand liquidity (ODL) corridors continues. Currently, Ripple can provide five payment corridors for MoneyGram. So how much is the ODL network actually being used at the moment?
Ripple ODL transaction volume 15-20% growth per week
In a recent Ripple webinar with Ripple’s Senior Vice President of Product Management, Asheesh Birla, the ODL payment corridors were discussed and some insights were given into current usage.
According to Birla, over $18 million USD/MXN were transferred through the ODL payment corridor alone in the last week of December. The weekly growth in transaction volumes is steadily increasing by 15-20%. XRP was used as a bridge currency for each individual transfer.
5 ODL payment corridors available
MoneyGram currently has access to five ODL payment corridors. The company can already process over 10% of the transaction volume of the USA-Mexico corridor with XRP and ODL. This is an enormous step towards the commercial use of XRP as a bridge currency and can save not only the costs of the companies involved, but above all the costs of the customers.
Ripple plans to expand further ODL payment corridors to cover other markets. MoneyGram has also expressed interest in further ODL payment corridors.