Ripple and Its Largest ODL Corridor Help Move 69.7 Mln XRP

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Wed, 05/27/2020 - 08:19
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Yuri Molchan
Almost 70 Mln XRP has been moved by the efforts of Ripple, its largest ODL-based platform and the major Korean digital exchange Bithumb
Ripple and Its Largest ODL Corridor Help Move 69.7 Mln XRP
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The Twitter bot XRPL Monitor has spotted 69.7 mln XRP (totaling $13,622,069) transferred between several wallets.

Among the owners of those addresses was the San-Francisco-based blockchain heavyweight Ripple and Bitso – Ripple’s partner working with its ODL remittance product with the largest volume of funds wired.

Ripple and its partner move juicy lumps of XRP

XRPL Monitor has detected a transaction made from a Ripple wallet bearing 11.747 mln XRP to a multi-signature wallet that also belongs to the company.

A few hours later, two consecutive transactions were made by the Ripple-backed Mexican exchange Bitso.

This platform is currently the largest On-Demand Liquidity (ODL) remittance corridor working with the XRP/MXN pair set up by another of Ripple’s partners – the remittance behemoth MoneyGram.

XRP
Image via Twitter, @XRPL_Monitor

The rest of the gargantuan amount was wired by the major Korean platform Bithumb – 44.1 mln XRP. That is $8,618,841 in traditional fiat USD.

XRP losing top-3 spot to Tether

Over the past few days, Tether’s stablecoin USDT has pushed Ripple’s XRP from its top-three position twice on CoinMarketCap.

After the second time, USDT managed to hold its position, with XRP remaining in the fourth position. The difference between Tether and XRP’s market caps, at the moment, is slightly under $200 mln.

CMC
Image via CoinMarketCap

Related
Ripple CEO Brad Garlinghouse Encourages U.S. Regulators to Embrace Crypto Industry

Ripple’s MoneyGram partners with Uber

As earlier reported by U.Today, Ripple’s major partner MoneyGram, which utilizes Ripple’s ODL (and two tranches of Ripple investments in 2019), has struck a partnership with the global cab giant Uber.

Due to the crisis caused by the pandemic and a new trend of using digital payments instead of cash caused by it, Uber drivers and couriers will get a discount on digital payments via MoneyGram from now on.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

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