XRP Price Risks Falling to $0.05 as Liquidity Rise Slows Down in Major ODL Corridors

News
Tue, 03/17/2020 - 13:52
Yuri Molchan
XRP price is in the green and showing a nearly 8-percent rise, meanwhile the XRP Liquidity Index in three major ODL corridors is hardly growing
Cover image via stock.adobe.com
Contents

The crypto market is in the green and is taking a break from the mammoth-sized price collapse with Tezos (#10) and Bitcoin Cash (#5) leading the top ten list, growing 14.93 percent, as per CoinMarketCap.

Bitcoin, itself, is demonstrating a 12.09 percent rise while holding in the mid-$5,000 area. However, a trader says that another price drop to below $4,800 might resume the price crash and take XRP along with it.

Meanwhile, the XRP liquidity Index is showing hardly any rise in three major ODL corridors – Mexico, Australia and the Philippines.

‘A further BTC fall can send XRP to $0.05 levels’

A trader going by the name ‘JOKER’ on Twitter posted a chart, on which the Bitcoin price has, for the second time, tested the bottom blue line as support. ‘JOKER’ previously tweeted that BTC showed a parabolic rise after coming close to this curve.

However, he admits that, should Bitcoin continue declining below the $4,800 area, the price could fall to $2,300, shedding another 50 percent.

The trader says that should this happen, the XRP price would collapse to the $0.05 zone.

XRP Liquidity index fails to grow

The Twitter bot that regularly shows XRP liquidity growth on the three platforms that currently trade XRP, tweeted that the rise of this index has slowed down drastically.

The three ODL corridors it tracks – Bitso in Mexico, Coins.ph in the Philippines and BTC Markets in Australia – have hardly shown any rise in the past few days since the XRP price fell from $0.19 to $0.15 and then – down to $0.13.

Bitso - 11,475,819 versus the ATH of 20,391,941. Coins.ph - 4,498,011 versus 7,992,120. BTC Markets - 4,941,278 versus 7,164,301.

Current liquidity volume figures have not changed much since today’s earlier figures were posted.

Related
I Will Not Let Bitcoin (BTC) Price Go to Zero: CZ Binance

Bitcoin is 45% up already

Trader Scott Melker has shared some good news with the Twitter crypto community, saying that Bitcoin has already risen 45 percent from its recent low of $3,600.

However, BTC also remains 35 percent down from the $8,000 level it rapidly dropped from last week.

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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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