The XRP liquidity index, paired with the Mexican Peso (XRP / MXN), broke a new record in Mexico’s largest crypto exchange Bitso.
XRP Liquidity Continuously Increasing
Liquidity in the market refers to how a digital asset can be converted into cash or changed for other cryptocurrencies without affecting its stability. High liquidity indicates a stable market.
According to the Liquidity Index Bot on Twitter, the XRP / MXN liquidity index in Bitso has been steadily increasing for the past four days. While it was 32.962.643 on May 27, it increased to 35.168.346 on May 28, to 36.023.811 on May 29 and to 36.795.339 on May 30.
— Liquidity Index Bot (@LiquidityB) May 30, 2020
Bitso uses Ripple’s Optional Liquidity (ODL) service to convert the Mexican Peso into US dollars after transferring its XRP digital assets to its banking partners.
The crypto exchange now processes 2.5% of all transfers from the USA to Mexico. Bitso has seen a huge increase in transfer volumes since it partnered with Ripple to facilitate faster and cheaper cross-border payments, according to firm’s financial chief Bárbara González Briseño.