The third-largest cryptocurrency by market cap, XRP price seems to be following the king Bitcoin while the queen Ethereum was enjoying good yields yesterday.
XRPXRP/PHP liquidity hits ATH
Ripple has had a fantastic start to the new year. On-Demand Liquidity (ODL), usage, and payment volumes broke new records. According to the latest update of the Liquidity Index Bot, XRP/PHP recorded an all-time high of 6,026 million on March 5 on the Filipino corridor operating through Coins.ph.
Liquidity Index for https://t.co/raMbsEkdJD XRP/PHP (28-day moving trend)
Day progress: 29%
Today so far: 6,026,737
All Time High: 5,526,762
Data: https://t.co/cF3K6P1fg9 pic.twitter.com/bO3Evjvsty— Liquidity Index Bot (@LiquidityB) March 7, 2020
The liquidity index for XRP/PHP on Coin.ph first hit the milestone of 5 million on February 10, then spiked and dropped immediately after that. Its final ATH stood at the liquidity of 5,526 million on February 19, forwarded by the Liquidity Index Bot.
According to a Twitter user @hmatex, ODL for PHP between Bitstamp and Coins.ph is the second most potent activity after ODL flow between Bitstamp and Bitso. For the daily chart, the ODL volume stands at $ 2 million, with the number being 262.
On the weekly chart, the numbers hit $ 8 million with 1,530 counts, while in terms of its quarterly ODL flow between the crypto mentioned above platforms, the figures reached $ 50 million with 7,579 counts.
Source: Public Tableau | ODL Flow between Bitstamp and Coins.Ph
Besides, data from Utility Scan shows the ODL volume for the USD-PHP corridor in the last 24 hours at $ 1.8 million. The chart is dominated by MXN-USD with a volume of $ 4.68 million in the same time frame, while figures for USD-MXN stand at $ 1.38 million.
Source: Utility Scan
Meanwhile, in terms of liquidity through XRP/MXN on Bitso, the figures have gradually decreased after reaching an all-time high of 20 million. According to data published by the Liquidity Index Bot, the liquidity of XRP/MXN was recorded at 13.9 million on March 5.
Liquidity Index for Bitso XRP/MXN (28-day moving trend)
Day progress: 54%
Today so far: 13,935,650
All Time High: 20,391,941
Data: https://t.co/v07j0Xh3s1 pic.twitter.com/eluVaTLDmy— Liquidity Index Bot (@LiquidityB) March 7, 2020
Besides, the liquidity index for BTC Market through XRP/AUD is also seen close to its ATH at 4.82 million on March 5. This is a positive development for the chart, especially after falling below 2 million on February 16 this year.
XRP price failed to break out of the $ 0.241 resistance level
The price of Ripple has risen as high as $ 0.24648 at one point in the past 24 hours but falls back to the range of $ 0.241 again. Since then, prices have been trying to gain momentum but could not find support. The XRP price stands at $ 0.245 at the beginning of the day, while it is currently at $ 0.236 at press time.
Source: TradingView
The current XRP price in the short term is not worrisome. In the long run, since XRP is bound to be high in a long time, this will soon be due.
XRP Price | Source: CoinMarketCap
Read more:
- 200 Mln XRP Transacted Between Anonymous Wallets, While Big XRP Fan No Longer Invest In It
- Ripple’s XRP Has Now Become A Crypto Heavyweight In Latin America