Ripple’s Daily Ledger Transaction Volume Of XRP Overshadows Its Total Trading Volume
Not many AltCoins could survive the massive bear market that happened a couple of days back. XRP was one of them. Not only did it manage to hold its own, but it also surpassed Ethereum to take the title of the top altcoin.
As XRP becomes an increasingly dominant force in the crypto ecosystem, a closer looks at their publically visible XRP Ledger gives us some insight into why the coin is finally maturing.
Longtime proponents of the crypto had been waiting eagerly for Ripple to develop a product which directly utilizes the global liquidity pool that is provided by XRP which would further streamline cross-border transactions. It finally came in the form of xRapid.
XRapid is a liquidity solution for banks that use Ripple’s XRP as a bridge currency and is being developed by the company Ripple. It reduces delays in global payments while also lowering their cost, thus making cross-border payments instant and inexpensive. Some of the systems being developed by Ripple don’t have to use the XRP token, for example, the xCurrent and xVia payment systems don’t need to use XRP. However, unlike those products, xRapid does.
This product has dramatically increased the trading volumes mostly because of its adoption in major banks in the world. This is the product XRP supporters say is going to help XRP shoot up in price.
XRPCharts website shows that the 24-hour trading volume of the number 2 crypto is $545.6 Million. On the other hand, the on-ledger payment volume is at $613 million. The gap between them is upwards of 12% now.
This phenomenon is only possible because of huge funds transferring between whales. Just in the past 24-hours, there have been 11 transactions above 5 million, out of which 5 of them, totaling 39 million, are dominated by exchanges such as Coinone, Bitfinex, and Bitbank.
Looking at 24-hour trade volume (in $USD billions):
Regardless of price, liquidity is getting deeper.
— Welly (@wsculley) September 20, 2018
The increasing depth of XRP liquidity because of xRapid's very attractive for large organizations who can use their features to transfer a large sum of money almost instantaneously for a very low cost.