The entire cryptocurrency market has undergone a price drop in recent weeks due to the coronavirus crisis and the expansion of the virus. XRP is one of the most affected cryptocurrencies to the lowest price in a few years. Despite this, the liquidity for Bitso exchange and the XRP/MXN trading pair has reached a new all-time high.
Bitso liquidity continues to grow for XRP
Ripple has been expanding worldwide to give its customers, banks, and financial institutions the ability to conduct cross-border transactions with XRP virtual currencies quickly and easily.
XRP corridors are supported by exchanges that provide liquidity for specific currencies. In this case, one of the most used exchanges to make cross-border payments with XRP digital assets is to exchange Bitso with the XRP/MXN trading pair, referring to the Mexican peso.
The liquidity index provided by Liquidity Index Bot shows that the liquidity reached an all-time high on April 4, 2020. Accordingly, the liquidity reached 22,484,136 million XRP. This equates to $ 4.05 million of liquidity in the XRP/MXN trading pair.
Liquidity Index for Bitso XRP/MXN (28-day moving trend)
Day progress: 29%
Today so far: 22,484,136
All Time High: 22,466,988
Data: https://t.co/v07j0Xh3s1 pic.twitter.com/0yT0syy4XB— Liquidity Index Bot (@LiquidityB) April 4, 2020
There are many other corridors that Ripple is working on, and they are currently using. These corridors are essential because they allow customers to make fiat transfers worldwide for a minimal fee and short transaction time.
For example, in the Philippines, the Liquidity Bot shows that in Coins.ph exchange, XRP/PHP liquidity is very close to reaching new all-time highs. The ATH is 7,992,120, while the latest report on XRP/PHP liquidity shows that there are 7,646,368 XRP worth more than $ 1.37 million at current prices.
In the future, Ripple may open new XRP corridors, in which users and companies will be able to send their money from one country to another in seconds. Today it is undoubtedly difficult and complex to move money across borders, and this is why the XRP solutions and corridors are helping individuals make the transfers they need.
Almost 100 mln XRP moved from exchanges
Over the last twenty-four hours, the XRPL Monitor bot spotted 98.2 mln XRP ($ 17,637,249) transferred between anonymous wallets. Data from the analytical website Bithomp has it that such major crypto exchanges as Coinbase Pro, Binance, Bitstamp were involved in these transactions.
Source: XRPL_Monitor
Source: XRPL_Monitor
The aforementioned Ripple’s ODL partner Bitso also took part in one of those transfers. At press time, XRP is priced at $ 0.18, and it also has a market capitalization of $ 7.92 billion.
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