XRP’s liquidity index on Bitso blazes to another milestone

XRP and its entire user base believe that the third-largest cryptocurrency will be responsible for bringing about a revolution in the cross border transactions department. Despite the recent price falls, the XRP army has remained confident in Ripple’s native cryptocurrency and its vision for a seamless banking experience.

Recent reports now show that the much talked about XRP Liquidity Index had surpassed 6 million on Bitso, a popular cryptocurrency exchange. The 6 million figure has become the latest all-time high figure for the cryptocurrency. XRPCryptowolf, a famous XRP proponent, tweeted:

“#Twitter’s Liquidity Index Bot (@LiquidityB) reported that the liquidity of #Ripple’s #ODL $XRP corridor hit an All-Time High of 6,023,781

#XRP/MXN represented 65.78% of the total volume on #Bitso”

The liquidity index has been on a steady rise over the past couple of months, and several supporters oversaw the metric. The index closed at a figure of 6.023 million, surpassing the earlier record of 5.993 million. The liquidity index has played a significant role in XRP’s growth in other regions also, with Mexico being a prime example. The index rising so significantly on Bitso was calculated to be a direct effect of the partnership between Ripple and MoneyGram.

The partnership impact was clear because, before the deal, XRP’s Tenitoshi Liquidity index in Mexico was just below the zero line. An analyst had also pitched in to say:

“In principle, market volume cannot be negative. But the calculation of the index sometimes outputs negative values undesirably. It tends to happen if a market is no liquid or very volatile. But those absolute values are negligibly small. So you can think of it as near-zero.”

Back in August of this year, Ripple CEO Brad Garlinghouse had reinstated that MoneyGram will use XRP and its technologies to enable trade for Mexican Peso and its pairings. He assured holders that the volume increase, as well as price fluctuations, will be very evident at the start of 2020.

Ripple has also witnessed its On-Demand Liquidity [ODL] sector jump by a factor of 7 this year after onboarding multiple customers on to its roster. Ethan Beard, the Senior VP of Ripple’s Xpring, had recently said that the company was working closely with market makers to ensure that there is adequate liquidity for transactions.

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