XRP liquidity indexes miles away from reaching new major highs in the ODL channels
XRP liquidity indices are far away even close to new highs in the Ripple-powered On-Demand Liquidity (ODL) channels provided by Ripple, despite the great new partnership that MoneyGram has recently established.
The main corridors of ODL are far from new liquidity levels
According to information from the Liquidity Index Bot, the current values of the indices are not even close to the current ATHs in ODL corridors at cryptocurrency exchanges such as Bitstamp, Bitso, Coins.ph and BTC Market.
— Liquidity Index Bot (@LiquidityB) June 28, 2020
Despite recent developments of Ripple’s main partner using ODL, MoneyGram, the volume of XRP has been deposited through the ODL corridor and its liquidity has not increased significantly.
Recently, MoneyGram partnered with a large payment operator Global Money Express in South Korea and partnered with Digital Financial Services platform and eWallet partner in the UAE.
While these new partnerships do not have a direct impact on the above-mentioned exchanges that operate with ODL, the popularity and expansion of MoneyGram will likely motivate more users to use corridors ODL.
Meanwhile, Ripple intends to set up more ODL channels by the end of 2020. Specifically, on its official website, Ripple has published a post by the Senior Vice President of Product and Corporate Development Asheesh Birla.
While ODL-related transaction volume may look a little different this month, our focus on supporting low-value, high-frequency payments is stronger than ever.
— Ripple (@Ripple) June 8, 2020
In the article, he explains how Ripple and its On-Demand Liquidity (ODL) product could be helpful in the current conditions of the financial crisis caused by the pandemic. He also stated that the blockchain behemoth is on track to open some new ODL corridors this year.
- SBI Holdings Plans To Create A New Crypto Asset Fund That Features A 50% Allocation To XRP
- XRP Price Has Been In A Macro Downtrend For Nearly 1,000 Days