Bitso is the largest crypto exchange In Mexico. It’s also a partner to both Ripple and Moneygram in providing On-Demand Liquidity (ODL), a project launched last year. The conducive market conditions have sent XRP’s Liquidity Index soaring, breaking record after record.
Previously, the highest index for the XRP/MXN pair stood at around 8.5 million, but that figure has now been surpassed with a new high at around 9 million and with the daily progress of 92%. The new exciting development was reported in a post on twitter by the Liquidity Bot.
The Pilipino Progression
Ripple has made efforts to establish the XRP ODL corridor in strategic parts of the world, with South America (in this case Bitso in Mexico) being one of them.
In Asia, there’s the Coin.ph based in the Philippines. From the look of it, the Liquidity Index for XRP is growing fast, and not just in Mexico. Coin.ph has also recorded a 1 million increase in the Index.
Ripple And XRP Are Winning Hearts And Minds
Sometime back, the US State Department mentioned Ripple as being a welcome innovative entity that could give the US an edge against competitors like China. Now, the US government has mentioned XRP, terming it as an asset reliable enough to handle remittances in a fast and safe manner.
The government document referred to XRP and Ripple as a safe harbor for remittances. It also referred to Ripple as a disruptor in the remittance business. Indeed, Ripple’s payment solutions like xCurrent and xRapid have posed serious competition to traditional remittance methods like SWIFT and bank transfers.
For some time now, people within the XRP community have been complaining about Ripple’s monthly releases of 1 billion XRP into the market. They claim that this monthly “dump” has only worked to keep the XRP price suppressed.
However, there has been significant whale activity in transactions not involving Ripple. The most recent of these was a transfer of about 150 million XRP between unknown wallet addresses.