The aftermath of the 2019 Swell by Ripple conference was not as rosy as expected. Despite Ripple flaunting its new project On-Demand Liquidity [ODL] to enhance the adoption of its native token, the price of XRP continues to fall in the same trend as Bitcoin.
After consecutively clinching an array of new all-time highs almost every day, the XRP liquidity index on Bitso exchange went down slightly on Monday, November 11, from 5.1 million XRP to 4.73 million within a day.
Similarly, the price trend of the cryptocurrency has been on the downside. In the last 7 days, XRP price dunked from the $0.29 resistance to $0.26, and there is no indication that it will soon overpower the bears. This was in line with the mastering trend of Bitcoin.
Nevertheless, there’s slight progress for XRP on Bitso exchange based on available data. The liquidity index of XRP on Bitso exchange is gradually regaining momentum, and there are indications it may be soon closing on its all-time high of 5.6 million XRP.
Recently, the XRP liquidity index on Bitso exchange witnessed consecutive surges, moving from 4.2 million XRP to 5.1 million XRP within 24 hours. The liquidity afterward dropped to 4.4 million XRP, resulting in a loss of almost 700 thousand XRP within 3 hours.
The latest info from the twitter handle of Bitso Liquidity Index Bot shows that XRP liquidity on the exchange is back on the rise. As tweeted, there are still some level of fluctuation, but the liquidity is above its previous low. XRP liquidity surged to 5.57 million on Monday from its 4.4 million low within 9 hours.
Image Credit: Twiter.
However, the liquidity has again witnessed a slight pull-back, retracing its steps back to 5.1 million, but considering the size of transactions being performed on the XRP ODL system on the Mexican corridor, there are indications that liquidity could still surge back above its all-time high.
Image Credit: Twiter.
According to CoinMarketCap, XRP/MXN trade pair represents more than 1/2 of the exchange’s volume at the time of writing. Contrary to its low volume over the last 24 hours, XRP liquidity on the exchange represents 60.64% of the exchange’s volume.
XRP Price Risks More Losses
As at press time, the price of XRP is still being overpowered by the bears. XRP is now closing on breaking below its $0.25 support . At press time, the remittance digital currency is valued at $0.264 against the US Dollar with a -2.8% value loss in the last 24 hours.
XRP is among the cryptocurrency listed in the red zone, at the time of writing.