Coinfield Offers Liquidity Solution for XRP, SOLO Tokens

Coinfield Offers Liquidity Solution for XRP, SOLO Token

Bob Ras, CEO of Sologenic, has confirmed on his Twitter account that there will be liquidity on the Coinfield exchange for the SOLO and XRP tokens.

He added that his staff has been focusing on improving the liquidity solution over the last period.

“Over the past few weeks we’ve been working on a solution to provide some liquidity for both SOLO & XRP on the XRPL DEX. We’re glad to inform that all tests have been successfull & It’ll go live shortly today.”

The SOLO token is currently available on the decentralized exchange XRPL.

Liquidity solution

The CEO said the XRP-based Xumm banking app allows quick access to the decentralized XRPL exchange (DEX).

Thus, the app provides users a safe way to access the exchange and trade the Sologenic coin, Ras said.

His statement was a direct response to Wietse Water, developer of Xumm. In April, Wind said there was no liquidity for the SOLO token in the XRP ledger on lack of supply. This resulted in a high token volatility and an irregular price change. Wind said:

“XUMM automatically hides IOU’s from the “Add currency” list if this is the case, to prevent users from losing funds on bad rates.”

Accordingly, Sologenic responded to the statement, stating that they were working on a solution for increasing liquidity on the DEX.

In March 2020, Sologenic and Xumm have collaborated to integrate the banking app into the Solo wallet for signing transactions.

After the announcement of the deal, Wind said users will use SOLO along with Xumm to register transactions without needing to “enter a secret password”.

In late March, the Xumm banking app was publicly released, with an estimated total number of users reaching nearly 3,700. In addition, the app, built by XRPL Labs, allows users to access conventional banking facilities without third-party interference.

XRP on the verge of impressive comeback

From the peak hit last February, XRP has plunged nearly 50 percent, hurt by the severe pressures that weighed on the crypto market in general.

Several crypto analysts, however, expected the coin to be on the verge of an impressive comeback.

Analyst LomahCrypto said he is currently drawing a scenario in which the cryptocurrency would rise by almost 30 percent over the next two months, indicating that the $0.24 level would be a long-term possible target.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.