84.4 Mln XRP Hula Hoops Around Binance, While XRP Liquidity Indexes Fail to Reach New ATHs

News
Sat, 10/24/2020 - 10:10
article image
Yuri Molchan
XRPL Monitor spreads the word that almost 85 mln XRP has passed through Binance, meanwhile indexes of XRP liquidity are far from new ATHs, despite further ODL expansion
84.4 Mln XRP Hula Hoops Around Binance, While XRP Liquidity Indexes Fail to Reach New ATHs
Cover image via stock.adobe.com
Contents

XRPL Monitor crypto tracker has reported that over the past 24 hours, a gargantuan amount of 84.4 mln XRP passed through the Binance digital exchange. That equals $21,421,875.

Binance sees 84.4 mln XRP going through it

Binance conducted three transactions, bearing 15.4 mln XRP, 6 mln and 30 mln XRP.

It transferred 15.4 mln XRP to the institutional custodial platform BitGo and moved the rest of the money between its internal digital wallets.

XRP
Image via Twitter

Bybit exchange also transacted 33 mln XRP to Binance.

XRP is the fourth largest cryptocurrency with a $11,500,462,708 market cap. After the recent surge of the crypto locomotive – Bitcoin – first above the $11,000 resistance and then above $12,000 and $13,000, altcoins have started growing in price, including XRP.

However, it has not shown any substantial bullish dynamics yet.

Related 325.2 Mln XRP Moved by Ripple and Binance, While Biggest ODL Partner Faces Regulatory Issues
Related
325.2 Mln XRP Moved by Ripple and Binance, While Biggest ODL Partner Faces Regulatory Issues

XRP Liquidity Indexes fail to gain traction

According to data shared by the Liquidity Index Bot account on Twitter, indexes of XRP liquidity remain in the lows, failing to approach the current all-time highs.

The bot measures XRP liquidity at four ODL platforms – Bitso, Bitstamp, Coins.ph and BTC Markets.

Despite Ripple's regularly transfers of XRP to various exchanges to keep the coin’s liquidity high and further expansion of ODL (with several new corridors announced to be opened this year by Ripple), those metrics have been unable to show high figures almost since Black Thursday on March 13.

Bitso has recently confirmed that 10 percent of its transactions are performed using Ripple’s On-Demand Liquidity remittance solution.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.