Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
Ripple’s XRP price may be on the road to the next big move, as the company is actively expanding the scales of its activities and joined the Top 100 Remittance Companies list being the only crypto-related company there.
Ripple network sent 54 million in one week from the U.S. to Mexico, according to the reports. Such a big volume level pushes XRP price greatly, even though the recent downfall. With the company reaching the top 100 cross-border payment corporations chart, new horizons are opened in front of Brad Garlinghouse.
In recent weeks, Ripple has made significant progress in evaluating their infrastructure for good business. Ripple is joining Visa and PayPal at the Olympus of 100 best international remittance services list. They are setting the record because it’s the only cryptocurrency platform on the list. Strange, because the early Bitcoin adopters were constantly selling the technology to friends as the ‘cheap international payments solution’.
Ripple Network Bites Off 7,5% of Remittance Market in Mexico
The remittance market in Mexico is huge, and the American banks are not rushing there. Why? Only God knows, but companies like Ripple already make profits. Now, Ripple sits among the gods of remittance like Skrill, PayPal, CITI Bank, Stripe, PaySafe, Western Union and more. All after sending $54 million in transactions to Mexico via Ripple’s network during the first week of February.
The numbers of Ripple’s transaction volume is increasing, per the company CEO Brad Garlinghouse. During a recent interview with CNN, Brad said that Ripple got around 7,5% of all the remittance market in Mexico. Since in December they got only 3%, one can imagine what could happen next.
Mexican Migrant Families, Large Firms Keep Using Ripple
In one year, Intermex is having more than 30 million transactions processed for its customers. Considering that Mexico had received more than $30 billion from migrants in 2018, one can imagine how big the ‘risky’ market is.
Earlier, Ripple claimed the fresh partnerships with Intermex, Bitso, MoneyGram, and TransferGo. Intermex and Bitso are the two leading companies when it comes to Mexico’s remittance market.
Worth noting: large cryptocurrency market players have sent approximately 41,6 million via Ripple’s XRP on February 24, 2020. The XRPL monitor bot shows that some large entities have made two transfers totaling $11 million in XRP tokens. Bithomp, a website with cryptocurrency analytics data shows that those entities are Binance and Huobi. Also, Bithumb exchange is also involved in the move.
The first transaction was 25 million XRP which Bithumb had transferred from one own wallet to another. During the second transaction, someone sent 16,660,000 XRP from Huobi to Binance.