Growing XRP Liquidity In Mexico May Be A Direct Result of Ripple’s MoneyGram Partnership

Ripple News Today – Ripple has been paving the way to close the hassle of traditional payments with cryptocurrency even if a few XRP enthusiasts were a bit skeptical of the coin’s worth. The current MoneyGram partnership came as a breath of fresh air for the currency, as it has brought a noteworthy development to XRP’s liquidity, particularly in the Mexican market.

XRP (XRP) Price Today – XRP / USD

# Name Price24H %
3
ripple
XRP(XRP)
$0.264
-1.05%

Looking at it from a bigger perspective, the recent ripple price prediction indicates a developing ecosystem, the effect though might not be immediate on the XRP’s price. This development has also prompted the assumptions around the subsequent profits for conventional payment providers such as Ripple’s official partner Cuallix that are using the same channel.

According to a tweet from @tenitoshi on twitter, he brought to the notice of the public that, Bitso, Mexico’s first licensed crypto exchange, purportedly demonstrated an unexpected spike in XRP’s liquidity with XRP/MXN as the main trading pair. He tweeted:

“Since the partnership with MoneyGram, the XRP market in Bitso (Mexico) has been steadily growing. This implies the increase in xRapid payment volume. It will also attract more market makers to the market and let them buy XRP.”

Ripple Price Prediction – xRapid Experiencing Growth Due to the Partnership With Bitso

Going by Ripple’s price analysis, while xRapid’s growing payment capacity is obvious from Mexico’s recently launched Bitso exchange, other channels legitimately administering xRapid are Philippine, the USA, and EU. Following the step of Ripple, Mercury FX, a universal currency exchange provider has also declared its plots of establishing a new xRapid payment channel in the Philippines and Mexico. In an interview with the CEO, Alastair Constance, he stated: “xRapid and Ripple bring to access to new markets that perhaps aren’t accessible now… Its two countries today. It could be 10 before the middle of the year. And what stops it from being any more than that?”

xRapid is created for payment providers and other financial institutions who want to curtail liquidity costs while advancing their customer experience. Due to the high cost of liquidity while using pre-funded local currency for payment, the idea for xRapid came up. xRapid significantly decreases the capital requirements for liquidity.

Cryptocurrency News Update – Ripple Partner Bitso Secure a Distributed Ledger License from GFSC

Recently, Ripple partners with Bitso, a Mexico-based crypto exchange platform, it has become the first platform in Latin America to receive an allotted ledger license from the Gibraltar Financial Services Commission (GFSC). The full operation of the platform will be regulated by the GFSC, ranging from custody, withdrawals, deposits, and trading. The license according to Bitso will ensure the company follows all regulatory requirements.

“This license gives Bitso a leading position as one of the most innovative financial services providers in LatAm and the world, by becoming the first exchange platform in LatAm, licensed and regulated by the GFSC…

The DLT License understands the modern need for robust and speedy interaction with regulators in this fast-moving area of business while ensuring it continues to meet its regulatory and strategic objectives, bringing more protection and certainty for users.” The license is said to also cover transactions made through Ripple’s XRP-based xRapid. 

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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