Ripple’s ODL Hits ATH on Australia’s BTC Markets Exchange; XRP Liquidity Rising In 2020
Ripple's On-Demand Liquidity (ODL) has recorded a new all-time high within Australia's crypto exchange, BTC Markets. Stats from Liquidity Index Bot show that the volume of XRP/AUD pair hit 15,640,530 AUD; roughly $10.6 million USD on June 2.
Going by this new ATH, it seems Ripple's cross-border solutions are slowly being integrated with more liquid markets hence the recent efficiency in its ODL. Last month, the ODL was touted by Bittrex Exchange as a liquidity booster for its value proposition through the XRP token.
Ripple's Boost on BTC Markets Liquidity
Despite the flat performance by its native token ‘XRP', Ripple has attracted a number of firms to its cross-border payments tech. BTC Markets onboarded Ripple back in 2018; the company's CEO, Caroline Bowler, has since echoed its underlying value proposition in liquidity,
“Most people recognize the problems with cross-border payments especially in Australia where businesses often need to pay suppliers based outside the country. Using XRP to cut transaction fees and make same-day payments brings real benefits and fixes the problems of the existing system.”
Bowler added that Ripple's ODL has spurred the BTC Market growth at an average of 5% week-over-week since the year began.
Source; Liquidity Index Bot
Notably, Ripple's ODL tripled its overall transactional volume within the course of Q1, 2020 even as the markets started dipping as a result of COVID-19. Other than the Australian corridor, the XRP token has also boosted Mexico's cross-border payments network with the XRP/MXN pair.
With Ripple positioning itself a cross-border leader in Australia's global payments networks, the project's outlook has gained more value. This is partly because of Australia's advancements within the blockchain space; the country has a number of ongoing blockchain activities in fields not limited to legal issues, financial market integration and the use of cryptocurrencies. It, therefore, follows that we might be yet to see Ripple's ODL maximum potential.