Ripple (XRP), the native currency of the XRPL ledger, is soaring.
At spot levels, the coin is the top performer in the top 10, adding 7% in the last trading day, and on course of building on last week’s solid foundation.
In the last week of trading, XRP added 14% to set the ball rolling for buyers.
The performance of the coin, before this year’s uptick in participation, was quite dismal compared to other altcoins and especially Bitcoin.
While BTC soared, retesting highs of $9,500 in the past trading week, XRP prices were tepid, struggling to edge past an important resistance level at 25 cents.
However, once bulls overcame the level, there has been increasing volumes, and supportive fundamentals that directly draw demand for the coin, propping price as a result.
XRP and On Demand Liquidity
As XRP edge higher, supportive reports indicate that trading volumes of partner exchanges, enabling on demand liquidity transactions, are at an all-time high.
#Ripple's #XRP On-Demand Liquidity (#ODL) Corridors Hit New All-Time Highs$XRP/MXN= 16,256,837$XRP/PHP= 4,473,945$XRP/AUD= 3,698,440$USD/MXN= 2.27 Million$USD/PHP= 556.67K$USD/AUD= 109.58K pic.twitter.com/81qL5zeKOw
— XRPcryptowolf (@XRPcryptowolf) February 4, 2020
These cryptocurrency exchanges enable instantaneous transfer includes Coins.ph for the US-Philippines corridor, the Bitcoin Markets for the USD-AUD conversion, and the US-MXN corridor through Bitso.
The demand, especially for USD-MXN pair via XRP through Bitso, has been through the roof in recent days.
The exchange complements MoneyGram, a money transfer company that received a $50 million investment from Ripple Inc.
Earlier, the number of conversions stemming from the cryptocurrency exchange exceeded those of the main trading pair, BTC/MXN, by several orders of magnitudes.
In an interview, Bitso CEO, Daniel Vogel, said:
“We are finally capitalizing on the huge cross-border flow that exists between the U.S. and Mexico, which is between $30 and $36 billion a year… We’ve built the product alongside with Ripple, and we’re seeing a significant amount of traction, and we believe that this is just the beginning of something.”
Bitso CEO Daniel Vogel. Ripple, XRP, The Remittance Standard. Highlights pic.twitter.com/E6xTdAvZPS
— ???? ??? (@BankXRP) February 1, 2020
Bitso plans to expand to other countries in Latin America.
Is XRP Decoupling from Bitcoin (BTC)
With XRP outperforming BTC, and the most valuable coin shrinking after hitting highs of $9,500, it can only be speculated that the coin is likely decoupling away from BTC.
BTC is the most liquid and as a base currency in leading exchanges, its price movement affects altcoins.
When BTC soar for example, altcoins tend to rally, posting double digits, like as noted in recent days.
This seems to be the contrary with XRP. Which begs the question: is XRP price now independent from BTC fluctuations?