With only 17% of the data available, it has been recorded that the XRP liquidity index has surged to a new daily high with XRP/PHP, XRP/MXN, XRP/AUD being the highest gainers. Ripples adoption of an On-Demand Liquidity is gradually picking up the pace and as a result that their volumes have increased in the double fold in the past few months.
Taking a look at the increase in XRP liquidity index especially with XRP/MXN liquidity index hitting an all-time high of 26.7 million XRP which was recorded as a massive 170% increase. ODL was launched on Mexicos largest cryptocurrency exchange company Bitso platform by Ripple and MoneyGram last year. Notably, the other two widely tracked payment firms cannot still boast of such a staggering figure even though they are on the same upward growth path.
Four billion people staying at home
It was reported that the three indexes started recording surging positive numbers when the Coronavirus pandemic reached its peak in late March. With around four billion people staying at home due to the lockdown rules across the globe, the need for cross border payment has been demanded.
Easter holidays are the perfect example of the need for cross border payment with workers having a need to send money back home to their families.
As the Coronavirus pandemic deepens across the world and with movement restrictions not likely to be lifted soon, workers at Ripple have been asked to continue working from home. And their CEO Brad Garlinghouse was reported as saying that the company would continue to help its clients in these trying times.
Rise in XRP liquidity indexes with the pandemic
Garlinghouse was quoted as saying that like many business outfits keep their workers’ well-being at heart, Ripple is also concerned about the well-being of their workers hence asking them to work from home. As COVID-19 developed over the past several months, the global team has transitioned to remote work, in efforts to stay safe while continuing to support our customers.”
As a result of the rise in XRP liquidity indexes, they have enjoyed massive patronage from old and new customers during this Coronavirus pandemic. This has pushed the CEO of Ripple to further stating that they would help their customers around the globe in times like this to ensure they can send money home to their families.