Fast and reliable obstacle avoidance is an important task for mobile robots. In this work, we propose an efficient reactive system that provides high-quality obstacle avoidance while running at hundreds of hertz with minimal resource usage. Our approach combines wavemap, a hierarchical volumetric map representation, with a novel hierarchical and parallelizable obstacle avoidance algorithm formulated through Riemannian Motion Policies (RMP). Leveraging multi-resolution obstacle avoidance policies, the proposed navigation system facilitates precise, low-latency (36ms), and extremely efficient obstacle avoidance with a very large perceptive radius (30m). We perform extensive statistical evaluations on indoor and outdoor maps, verifying that the proposed system compares favorably to fixed-resolution RMP variants and CHOMP. Finally, the RMP formulation allows the seamless fusion of obstacle avoidance with additional objectives, such as goal-seeking, to obtain a fully-fledged navigation system that is versatile and robust. We deploy the system on a Micro Aerial Vehicle and show how it navigates through an indoor obstacle course. Our complete implementation, called waverider, is made available as open source.