The whole cryptocurrency market has experienced a price decrease in recent weeks due to the Coronavirus crisis and the expansion of the virus. XRP was one of the virtual currencies that was hit the most reaching the lowest price in several years. Despite that, the liquidity for the Bitso exchange and the XRP/MXN trading pair has reached a new all-time high.
Bitso Liquidity Continues Growing for XRP
Ripple has been expanding all over the world in order to offer its clients, banks and financial institutions the possibility to perform cross border transactions with the XRP virtual currency in a fast and easy way.
The XRP corridors are backed by exchanges that provide liquidity to specific fiat currencies. In this case, one of the most used exchanges to perform cross border payments using the XRP digital asset is the Bitso exchange with XRP/MXN trading pair, making reference to the Mexican peso.
The liquidity index provided by the Liquidity Index Bot shows that the liquidity reached an all-time high on April 4, 2020. According to it, liquidity has reached 22,484,136 million XRP. This is equal to $4.05 million dollars in liquidity in the XRP/MXN trading pair.
— Liquidity Index Bot (@LiquidityB) April 4, 2020
There are many other corridors that Ripple is working on and that they are currently using. These corridors are very important since they allow clients to perform fiat currency transfers around the world for a very small fee and short transaction times.
In the Philippines, for example, the Liquidity Index Bot shows that in the Coins.ph exchange, the XRP/PHP liquidity is very near to reaching a new all-time high. The all-time high was 7,992,120 while the latest report of XRP/PHP liquidity showed there were 7,646,368 XRP worth more than $1.37 million USD at current prices.
In the future, Ripple could open new XRP corridors in which users and companies would be able to send their funds from one country to another in just a few seconds. Nowadays it is certainly difficult and complicated to move funds across borders, this is why XRP solutions and corridors are helping individuals to perform the transfers they need.
At the time of writing this article, XRP price is currently close to $0.18 and it also has a market capitalization of $7.92 billion.