The bear’s hold on the cryptocurrency market has been quite evident with major coins seeing a price range that was much lesser than their all-time highs [ATH]. These cryptocurrencies included Bitcoin, Ethereum, and XRP, the big three in the digital assets space, which saw a slight reprieve from the price crunch recently.
Despite the low-price hold, Ripple’s native cryptocurrency, XRP has seen developments in other avenues ranging from an increased usage on the transfer market to its subsidiary technologies being adopted by exchanges and other organizations. The latest developments from the XRP roster revealed that Bitso, a popular ODL enabled cryptocurrency exchange had received a 10 percent increase in XRP liquidity.
Bitso’s own liquidity index had hit its ATH recently, which caused the 10 percent bump, an event that gave hope to a lot of XRP enthusiasts. The increase in liquidity has been speculated to be linked with Moneygram, a Ripple partner launching its large-scale ODL transactions in the final quarter of this financial year. Some fans of the cryptocurrency had their queries about the latest updates with Jordaniels23 asking:
“What does this even mean?”
To this question, Jonathan A, an XRP enthusiast, replied:
“I believe it’s from moneygram increasing their payments using xrapid. It’s payments settled through XRP.”
Bitso was also in the news recently when it was reported that 28 transactions were registered on the exchange, each amounting to 28,000 XRP. The whopping addition of over $200 million caught the eye of several investors and users, with many claiming that this was the second coming of the third-largest cryptocurrency on the charts. HMX, a famous crypto analyst, had tweeted:
“XRP On-Demand Liquidity: the usual suspects transferred more than $1.2M transferred from Bitstamp to Bitso. Someone is ramping up…”
XRP’s MoneyGram partnership was the primary source of all the excitement after its head honchos praised XRP’s much talked about cross border transaction feature. Alex Holmes, the Chief Executive Officer of MoneyGram, had earlier said:
“Ripple has large distribution blockchain technology and an interesting crypto coin like XRP can cross borders in seconds. What they don’t have is pools of global liquidity in fiat currency.”
He added further:
“We, however, have pools of money across the world and our speed is only enabled by the ability to pre-fund and move money in advance. One system is really fast but lacks liquidity; the other has massive amounts of liquidity but is inherently slow.”
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