XRP Liquidity Index for ODL Corridor to Philippines Rises

Latest Cryptocurrency News
Wed, 12/04/2019 - 15:11
Yuri Molchan
The index of liquidity for XRP-based corridor running on Ripple’s ODL to the Philippines has started rising
XRP Liquidity Index for ODL Corridor to Philippines Rises
Cover image via 123rf.com

The index of liquidity for XRP in one of the two active ODL corridors – the Coin.Ph exchange located in the Philippines – has started rising in volume.

The XRP Index for Philippines starts rising

At present, Ripple has two active corridors that use the ODL platform – one works in Mexico and the other one operates in the Philippines. The liquidity index on the XRP/MXN flow to Mexico surges frequently and has already seen an all-time high recently.

Now, the Twitter user @tenitoshi has shared data that the liquidity index for Ripple’s remittance corridor to the Philippines has also started rising.

XRP liquidity index rises Philippines
Image via Twitter

The XRP corridor to the Philippines has been operating via the Coin.Ph crypto exchange since September this year.

From September to October an increase in liquidity was observed on Coin.Ph but the reason turned out to be an inflow of local traders to the exchange.

XRP traders increase
Image via Twitter

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‘The XRP market price depends on investors’

When a Twitter user in the comment thread asked whether XRP would now drop like it was when the Bitso ODL corridor launched in Mexico, approximately by 30 percent, @tenitoshi responded that the market price of XRP depends solidly on major investors. @tenitoshi also said that a massive increase in demand from market makers could take several years.

XRP liquidity comments
Image via Twitter

XRP Liquidity Index in Mexico hits its ATH

Earlier, U.Today reported that the index for XRP liquidity on the Mexico-based exchange Bitso (the biggest one in Latin America) reached an all-time high and exceeded 6.24 mln.

Currently, Ripple is working in a partnership with MoneyGram, the global remittance giant, and the Bitso trading venue to ensure the ODL corridor to Mexico that utilizes XRP.

At press-time, the XRP price has got back to the $0.22 level as per CoinMarketCap.

About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.