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Ripple’s Philippines corridor indicates spike in ODL transactions

Namrata Shukla

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Source: Pixabay

Ripple’s On-Demand Liquidity [ODL] platform has been reporting heightened transactions on the Bitso platform while facilitating XRP/MXN trades. However, according to new data curated by Mourad Toumi, XrPeace, and Labo-a-crypto-3.0. on Utility Scan, an increased USD-PHP on-demand XRP volume was noted.

Twitter user, @TeholBeddictXRP, took to Twitter to inform the community about this latest development in the Phillippines corridor. The Twitter user said,

“Big increase on Utility-Scan in USD-PHP on-demand XRP volume.”

The Twitter user also attached a screenshot to highlight the data for the USD volume per corridor over the past 24 hours.

Source: Twitter

Source: Twitter

According to data provided by Utility Scan, USD-PHP noted a USD volume of $267,703.72, while USD-MXN remained to lead with $1,362,657.88 in 24 hours. The application also highlighted the latest XRPL transactions as ODL.

Source: Utility Scan

Source: Utility Scan

According to the data provided by the application, multiple ODL transactions to Coin_PH were reported. However, the same wasn’t reflected on Coins.PH, with Twitter user @tenitoshi asking the exchange,

“U.S. dollar → Reported that bridge remittances (ODL) to the Philippine Peso are increasing. Philippines Exchange @coinsph
Did your liquidity index (XRP / PHP pair) finally increase?”

While some other Liquidity Index noted a spike in the liquidity for PHP/XRP corridor.

Source: Twitter

Source: Twitter

Previously, @tenitoshi had highlighted a spike in volume noted between September and October on Coin.PH. However, this inflated volume was not due to ODL transactions, but onboarding of traders. The Twitter user said,

“So-called calculation, I had the impression that many traders other than ODL have entered. If so, the board should be thicker accordingly, making it easier to run ODL. (^ ^)”

The Twitter user, on the issue of the low volume of ODL transactions, had noted that it was still at an early stage and that Ripple has been planning to start with a small volume of payments. However, a few days ago, Coin.Ph was reported making payments through the XRP Ledger.

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.