Despite being Ripple’s shimmering quotient, the platform’s on-demand liquidity [ODL] on multiple corridors witnessed a significant slump. This further paved the way for numerous all-time lows.
Trouble In Paradise
Real-time gross settlement platform, Ripple has been known for its services that allow users to send money across the world utilizing the blockchain technology. The platform is popular for its partnership with numerous leading banks of several countries. Ripple’s on-demand liquidity [ODL] services claim to have lessened the cost as well as delivery time for payments. Most of Ripple’s ODL corridors use XRP. The ODL platform is undoubtedly Ripple’s shimmering quotient.
While the crypto community was alarmed by a drop in the liquidity index previously in March during the peak of the pandemic, it was quick enough to recover from the slump. The liquidity index even went on to record an all-time high of 37,356,271, earlier this month. However, little did they know that ODL across almost every corridor would hit an all-time low. As per Twitter handle, Liquidity Index Bot, the liquidity index for Bitso XRP/MXN had dropped to an all-time low of 1,554,767.
The aforementioned corridor had been faring quite well and recently hit an all-time high of 37,356,271. Apart from the Mexican corridor, the liquidity index for BTC markets XRP/AUD and Coins.ph XRP PHP recorded a low of 768,338 and 911,852, respectively. Along with these the Australian, Philippines corridors as well as the European corridor were also observing a low. However, Bitstamp XRP/EUR was comparatively better than the figures of the other three as the liquidity index stood at 6,899338.
Ripple has been eyeing at global expansion and even seems to have trailed its path towards the same. The latest update reveals that SBI Ripple Asia, a joint venture between SBI Holdings as well Ripple would be rolling out an ODL, later this year.
XRP Price Movement
While the ODL corridors have been suffering, the price of the altcoin used in these services seems to be quite stagnant. The fourth-largest cryptocurrency, XRP witnessed a complete sideways movement with limited surges and declines. Over the last few days, the price of the coin was seen going downhill.
At the time of writing, XRP was trading at $0.1829 with a 0.3 percent drop in its price over the last 24-hours.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org