- Liquidity Index Attains New High on Bitso Exchange
According to reports, Ripple’s XRP token has attained another new milestone. XRP hasn’t performed well all year. But the coin’s usage and other milestones haven’t declined either. This time around it’s the XRP/MXN gateway which continues to post new highs on Bitso Exchange. Bitso is the number one digital currency exchange in Mexico. As of November 19, the XRP liquidity index of Bitso exchange spiked to reach a new high point of 6.24 million. This XRP news comes only a day after the liquidity index moved over the 6 million mark for the first time. This, in turn, means the adoption of XRP is still growing at a quick pace despite dwindling prices over the last 12 months. Together with global payment process MoneyGram, Ripple has launched its ODL (On-Demand Liquidity) service in Mexico after signing an agreement with Bitso exchange.
The crypto firm reportedly made a significant investment in Bitso in a move that saw it put one of its chiefs on the company’s board. As of November 20, XRP remains number 3 in the list of the largest cryptos by market cap. XRP is responsible for 80% of Bitso’s total trade volume. As the SWELL conference went on, Alexander Holmes, the CEO of MoneyGram, revealed that Ripple’s On-Demand Liquidity was responsible for no less than 10% of the entire transactions between Mexico and the United States. Ripple claimed that its partnership with Bitso was the first step in its goal of expanding into the Latin American crypto market.
XRP Saw a Sharp Drop at the Start of the Week
For this week’s XRP price prediction, the crypto saw a sharp decline in its value below $0.2500 a support area. The XRP/USD pair broke the $0.2450 area also a support point and settled below the 100 hourly SMA. Finally, XRP price tested $0.2400 also a support area and started an upside correction soon afterward. The coin broke the $0.2450 area and the $0.2480 area to launch the current correction phase. There was also a break above the connecting bearish pattern with a resistance point at $0.2500 via the hourly chart of the pair. XRP is now trading over the 50% Fib retracement point via the downward price action from $0.2660 to $0.2400.
XRP (XRP) Price Today – XRP / USD
Name Price 24H % $0.751 -0.80%
On the upside, we can a strong resistance at $0.2580 and the 100 hourly SMA. The price of XRP is correcting above $0.2520. The bulls face a difficult task near $0.2580 and $0.2600. If they fail to gather any momentum above $0.2600, XRP price could start to again decline.