Could Binance, Bittrex be facilitating new XRP ODL corridors? Crypto Twitter speculates

Ripple’s On-Demand Liquidity [ODL] platform has been noting a barrage of transactions, especially with the popular MXN corridor. According to the ODL data provider on Twitter, H_M_X, out of the total $108 million ODL flow in the fourth quarter, the MXN corridor was responsible for $100 million in transactions. Owing to the success of this corridor, Ripple had announced plans to open gateways to several other nations soon. However, Crypto Twitter has always been prompt in piecing together information and speculating on what’s next.

Crypto Twitter speculated that Ripple might be working on a new corridor with the help of either Bittrex or Binance or both. The speculation stemmed when a Twitter user @hallwaymonitor2 asked the community about the wallet address rBgnUKAEiFhCRLPoYNPPe3JUWayRjP6Ayg.

The Tweet read:

Does this anonymous exchange account belong to Bittrex or Binance?https://t.co/yhSQ7vl3v2https://t.co/PQOfylCb3nhttps://t.co/vfRwGUp9oN

It receives ODL like txs from BTC Markets with DT 794715642

— hallwaymonitor (@hallwaymonitor2) December 13, 2019

The user noted that the address received ODL like transactions from BTC Markets, Ripple’s ODL facilitator in Australia. After digging deeper into the wallet activators, it was found that the source address belonged to Ripple co-founder, Arthur Britto. Thus, answering the question put forward by twitter user @hallwaymonitor2.

Source: XRPscan

Source: XRPscan

However, this did not leave Binance and Bittrex out of the picture. The user pointed out that the aforementioned address received transactions from the Australian exchange, BTC Markets, shortly after AUD/XRP trades.

@hallwaymonitor2 speculated:

“New ODL corridors should be opening somewhere anyways.”

rBgnUKAEiFhCRLPoYNPPe3JUWayRjP6Ayg transacted 300,000 XRP to a Binance [1] wallet address with destination tag 104502291 and with Bittrex wallet where it transacted 550,000 XRP with destination tag 1829104356. The small transfers of XRP on these exchanges could indicate a testing phase between the corridors. Bittrex already serves as an ODL corridor in the United States, however, Binance could be a new addition to the list.

The Twitter user in his recent tweet said:

“Honestly I don’t know is this ODL but the MO suggests it would be. The key is to deanonymize this account first and then check are they selling the arriving XRPs to FIAT or not.”

While also highlighting the suspected ODL transfers.

Source: Twitter

However, they found an old XRPL Monitor tweet with the transaction of 70,000,000 XRP from rBgnUKAEiFhCRLPoYNPPe3JUWayRjP6Ayg to rpPcmcGQ5iTXDc5zF5owxwTifkTs1qYrA6, an address activated by Bittrex.

Source: XRP Scan

Source: XRP Scan

Moreover, even though Bittrex activated the rpPcmcGQ5iTXDc5zF5owxwTifkTs1qYrA6 address, Binance appeared to be using it as a cold wallet, chimed XRP scan.

Source: XRP Scan

If there is a new corridor being established where Binance may act as a facilitator, the platform needs to be tested with small transactions. The current transfers taking place between BTC markets, wallet address- rBgnUKAEiFhCRLPoYNPPe3JUWayRjP6Ayg, Binance and Bittrex hint at such a testing phase.

AMBCrypto has reached out to both Bittrex and Binance for comments and will update the article accordingly.