- Ripple ODL partner BTCMarkets is seeing consistent growth in ODL and XRP interest.
- XRP liquidity is growing at a rapid pace.
BTCMarkets is an Australian cryptocurrency exchange and a Ripple on-demand-liquidity (ODL) partner. ODL is part of Ripple’s flagship offering RippleNet. RippleNet allows institutions to leverage Ripple’s technology to facilitate quick and cost-effective remittance solutions.
In a recent interview, Caroline Bowler, CEO of BTCMarkets talks about Ripple and provides insight into their experiences with ODL. During the interview, Bowler talks about the growth BTCMarkets has been seeing with ODL and XRP.
…..what we’re seeing with ODL, just to give you this as context, I think we’re averaging about a 5% week-over-week growth since January in terms of volume coming through our exchange on XRP. And that’s a combination of both the ODL traffic and interested people in XRP.Caroline Bowler BTCMarkets CEO
This comes as RippleNet usage as a whole has been growing in 2020. As the world moves digital, demand for digital remittance solutions surges. RippleNet allows institutions to facilitate international remittances in seconds.
During the interview, Bowler also noted that BTCMarkets has “seen a 15% increase” in volume, also stating that the “volume does have an impact on price.” While XRP is far away from its all-time high 2018, Ripple technology, partnerships, and adoption has been steadily increasing.
XRP Liquidity Grows
As BTCMarkets ODL traffic grows, XRP liquidity for the Australian corridor has seen significant growth in 2020. After reaching an all-time high of 12,427,181 in April, liquidity fell. However since then, the liquidity has made a strong recovery and is now consistently holding over 13 million.
In addition to BTCMarkets and the Australian Corridor, through a partnership with MoneyGram and Bitso to launch ODL in Mexico, the Mexico corridor has seen immense growth. After reaching a high in April, the XRP/MXN liquidity fell, making a strong recovery in recent weeks.
The surge in XRP liquidity is positive news for Ripple’s RippleNet. Liquidity is essential in allowing banks to effectively leverage Ripple’s ODL services. As XRP liquidity continues to hit new highs, RippleNet adoption continues to rise.
Disclaimer: Content displayed on thecryptoassociate.com is not investment advice. Investors should do their own research before investing in digital assets or anything displayed on this site. The Crypto Associate does not recommend trading any sort of investment in cryptocurrencies and digital assets. The Crypto Associate is not responsible for any losses incurred due to the buying or selling of cryptocurrencies displayed on this site. All content is for informational purposes only. The Crypto Associate does not endorse, affiliate or represent any third-party links including advertisements. The Crypto Associate participates in affiliate marketing. Read the full disclaimer