Ripple and its native cryptocurrency XRP have had an eventful 2019 with developments and updates coming in from all quarters. This rapid movement has also resulted in the XRP taking majority shares across cryptocurrency exchanges with new reports coming in that the third-largest cryptocurrency had taken over Bitso, a popular cryptocurrency exchange.
Today, XRP Research Center, an XRP data aggregator tweeted:
“XRP/MXN is currently accounting for 𝟖𝟎% of the total trading volume at @Bitso
Bitso Liquidity Index reached a new ATH again.
Consistenly with comments on MoneyGram/Ripple, as we have entered into Q4, #ODL volumes have shown sustained incremental rates.
This is the beginning.”
Bitso’s total market volume was $2.81 million, with XRP selling at a price point of $0.29. XRP’s 80 percent hold was accentuated by the fact that Bitcoin, the world’s largest cryptocurrency, only occupied a 16 percent hold on Bitso. If one looks at the charts, it was pretty evident that the XRP and Mexican Peso pairing saw jumps in holding percentages from June 2019 onwards, after which the spike was anything but gradual.
The liquidity index rose by a factor of 3 by the time October rolled around as the performance of the XRP/MXN pair was quite abysmal at the start of 2018. Many users in the space had their own queries about the volume increase with MrReeves87, an XRP enthusiast tweeting:
“Does anyone know the arrangement with the exchange regarding price per transaction beyond the XRP burn fee? Wondering what kind of incentives the ODL market makers are getting.”
Other users in the community had their own opinions about XRP’s future placements, with some claiming that this dominance will be replicated across more exchanges. At press time, XRP was trading for $0.29, with a total market cap of $12.55 billion.
The native cryptocurrency of Ripple also held a 24-hour market volume of $1.64 billion. Despite having the lion’s share of the market volume on significant exchanges, XRP enthusiasts are still waiting for the price to go back to its earlier glory days.
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