XRP and its subsidiaries have been making significant strides in the cryptocurrency field of late, and that has also been showcased in its daily progress. A recent analysis by the Liquidity Index Bot has shown that during daily progress of 4 percent, the XRP/MXN pairing on Bitso went up to an index of 4.921 million and an all-time high of 5.611 million.
This news has been considered as a significant positive marker in the cryptocurrency industry with the data pointing to the liquidity planning to take up a parabolic motion. The XRP/MXN pairing has also seen a dynamic range of movement as all-time high records are being created and destroyed in the span of a couple of weeks.
Ripple has seen a substantial increase in its on-demand liquidity platform over the third quarter, and its recent report has also substantiated that fact. Ripple revealed that customers live with ODL, including MoneyGram and others, increased by 75 percent over the last quarter while the dollar volume on ODL increased more than five times from Q2 to Q3. The very first XRP/MXN surge was first spotted in September on Bitso. After that day, the trading pair has been growing by leaps and bounds on the cryptocurrency exchange.
At press time, the XRP/MXN pair was the most traded pair on Bitso, with the 24-hour volume being $22.118 million. The price of the pair on the exchange was $0.26, with the pair occupying 60 percent of the exchange trading volume. The Mexican corridor has been picking up pace in the remittances market, and the XRP/MXN pair boom may be evidence of that. Reports have also come in that Ripple could be starting an intensive ODL oriented platform, but that is still speculative.
Ripple’s increased performance in the ODL department can be attributed to its partnerships with multiple financial bodies. The Brad Garlinghouse led company had also acquired Algrim, a company that supported the development of the ODL, thereby onboarding their engineering hubs in Iceland too.
The latest spike to another all-time high comes a few days after the pair saw the liquidity index of XRP fall to 4.73 million. This event was the first time in a long time that the liquidity index had fallen, but the latest 5.611 million figure is sure to put a smile on the face of investors.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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