XRP Liquidity Index Struggles to Reach New High After XRP Price Crash

News
Sat, 03/14/2020 - 09:56
Yuri Molchan
After the XRP price made a sharp drop on March 12, the XRP Liquidity Index in ODL corridors is struggling to recover to new all-time highs but has failed so far
Cover image via www.shutterstock.com

The collapse of Bitcoin from the $7,400 area down to a low of $3,900 and then rebounding to the $5,200 zone pulled down the other top-ten coins along with the rest of the crypto market.

The third largest currency, XRP, went deeper than usual and hit the $0.15 level, as per the data from CoinMarketCap.

This seems to have impacted XRP trading in corridors running on Ripple’s ODL platform, in particular – in Mexico, the Philippines and Australia.

On March 13, the Philippines corridor on the Coins.ph exchange showed what seemed to be a bug in the bot or a brief hold-up in trading.

This changed later on, returning the XRP Liquidity Index Bot back to normal.

However, if prior to the price fall, the XRP liquidity on Coins.ph had set new all-time highs several times in a row, now the gap between the current ATH and the current index value is quite large.

On these three platforms, XRP is striving to reach a new all-time, the first one after the XRP price crash.

Related
Mike Novogratz Explains Why Bitcoin (BTC) Price Collapsed

Earlier, the trading guru Peter Brandt tweeted that the XRP price is going to fall ‘while space below’.

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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.

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