Ripple's ODL in Australia Records New HUD

Ripple's ODL in Australia Records New HUD

An increasing number of companies have now started to take advantage of Ripple and its ODL money transfer platform, which essentially facilitates cross-border transactions using XRP . In recent months, the Australian Ripple Corridor has become increasingly popular and XRP liquidity via the Corridor, BTC Markets has reached a new all time high.

According to the Liquidity Index Bot, the Twitter bot that tracks the XRP liquidity index on various corridors, revealed today that the BTC Markets liquidity index for the XRP / AUD pair has climbed to 15.417 million on May 29 as it progresses. the day stands at 79%.

Source: Twitter | Bot Liquidity Index

Since the start of the year, the XRP / AUD index has risen sharply. Its previous record was 15.379 million. Figures are up despite the action of XRP's fixed prices . XRP liquidity   in the Australian BTC market gained ground in the first week of January 2020.

However, in the last week of April leading up to the first week of May, the numbers collapsed coinciding with the downward movement of XRP prices . As the cryptocurrency market entered recovery mode, the figure for XRP / AUD improved and since then has maintained a steady rise despite a minor withdrawal.

Recently, Australia-based BTCMarkets CEO Caroline Bowler revealed that the exchange had grown 5% week over week and that it had on average 84% growth and an increase 15% of the volume since January.

“… What we see with ODL, just to give you this context, I think we've been growing about 5% week over week since January in terms of volume from our trading on XRP . ”

There is an increase in adoption by companies of the blockchain company Ripple and the cryptocurrency XRP in Australia for cross-border payments in Australia. Ripple joined the stock market at the end of 2019 and according to its CEO Bowler, the growing volume had a "positive" impact on the price of XRP . She also added that,

“Most people recognize the problems of cross-border payments, especially in Australia where companies often have to pay suppliers based outside the country. Using XRP to reduce transaction costs and make same day payments brings real benefits and solves the problems of the existing system. XRP is a bridge between traditional financial institutions and the new world of fintech. "

Interestingly, it's not just the Australian corridor that has seen an increase in liquidity. Even the Mexican corridor with   XRP / MXN on Bitso also soared to 37.15 million on May 27.

In addition to these developments, Ripple has also released a billion XRP for sale to investors from the company's escrow account.

How do you rate this article?



PassionCrypto in English
PassionCrypto in English

Interview, News, Faucet, tutorials, AirDrop and lexicon in English

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.