Ripple’s On-Demand Liquidity shows that, on the Mexican crypto exchange Bitso, the XRP liquidity index has reached its all-time high of 3 million XRP.
According to the report, it seems that the liquidity of XRP is growing exponentially in an ecosystem created on the exchange precisely to meet the needs of ODL customers, namely those users who need liquidity on demand.
After Ripple renamed its xRapid product as ODL and announced its collaboration with the largest crypto exchange in Mexico Bitso, the introduction of ODL in partnership with MoneyGram seems to be starting to bear fruit.
In a chart published by a member of the Ripple Community, it is possible to notice that now the pair XRP/MXN represents 80% of the total exchange volume.
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. pic.twitter.com/I0vQpBbbZe
— XRP Research Center (@XrpCenter) October 20, 2019
The tweet reads:
“XRP/MXN is currently accounting for 𝟖𝟎% of the total trading volume at @Bitso. Bitso Liquidity Index reached a new ATH again. Consistently with comments on MoneyGram/Ripple, as we have entered into Q4, #ODL volumes have shown sustained incremental rates. This is the beginning”.
In essence, Ripple’s intentions seem to be to increase its presence in Latin America. Ripple made the following comments in the official announcement of the partnership with Bitso:
“This innovative company plays a vital role in RippleNet’s US – MXN corridor by providing critical liquidity for payments. Earlier this year, Ripple launched On-Demand Liquidity (ODL) capabilities with MoneyGram into Mexico, with Bitso as the key exchange partner. As Ripple expands ODL in Latin America, so too will our partnership with Bitso”.
Not only that, as part of Ripple’s latest news, yesterday the XRP Q3 third-quarter report was published, in which Ripple shows that it sold $66.24 million XRP in the third quarter compared to a record $251.51 million in the previous quarter.
A dramatic decline in sales described by the company as a result of several events. On the one hand, Ripple’s decision to focus all its efforts on some strategic partners rather than on exchanges; on the other, the ongoing FUD problem of which the company and its XRP tokens seem to be victims.
In this respect, the report states:
“Due to the nature of digital asset markets, FUD runs rampant, often perpetrated by those with political or financial interests in certain cryptocurrencies. Healthy dialogue, transparency, and pragmatism are vital to dispel misinformation, properly educate the market, and foster innovation in our industry”.