Institutional traders are adding more liquidity to Ripple’s XRP-powered payment app, On-Demand Liquidity (ODL), said VP Breanne Madigan.
She added that XRP liquidity is ODL’s lifeblood as it decreases the risk and cost of each cross-border payment transaction.
“The continued growth of ODL has led to an expanding number of financial institutions, payment providers and market-makers to trade in XRP. The resulting increase in institutional trading volume has helped to bring further liquidity to XRP, specifically in ODL corridors – in spite of the recent market turbulence surrounding the COVID pandemic.”
By using the product, Mexico’s largest crypto exchange Bitso has expended its business, raising its XRP / peso volume significantly.
The company is currently handling 2.5 percent of remittance transactions from the US to Mexico, which is considered a breakthrough attributed to the company’s partnership with Ripple.
Barbara Gonzalez Briseno, head of finance at Bitso, said Ripple’s technology has allowed her company to charge “a fraction of (traditional) wire transfer fees”.
Madigan said the exchanges that are not ODL partners can also help boost XRP liquidity.
“But even non-ODL partner exchanges like Kraken or Coinbase will contribute to increased liquidity. As non-ODL partner exchanges continue to grow more mainstream, larger institutional traders will begin transacting in XRP, making order books – including ODL order books—more liquid.”
Ripple launches new versions of XRPL
In a blog post, Xpring stated that the new versions have new features that aim to improve the services offered to clients.
The 1.5.0 version supports the gRPC API and API versioning. In addition, it includes an improved delivery method, handshaking protocol and other bug fixes.
The Xpring team will also update its version of the XRP Ledger mainnet servers, to include clusters and validators that will be upgraded to version 1.5.0.