XRP transactions moved in batches of 40,000 XRP between Bitso, Bitstamp
Ripple’s Q3 report highlighted the active use of its On-Demand Liquidity platform through various established corridors. With prominent partnerships, these corridors saw transaction flooding in Q3 which marked a 75% increase. However, Alex Cobb, an XRP enthusiast noted a spike in the ODL transactions in batches of 40,000 XRP per transaction on 20 October.
Cobb pointed at an earlier incident where the ODL transactions were being batched at 7500 XRP per transfer and provided a medium to view ODL transactions on Twitter. This medium drew attention to several transactions taking place between Bitso and Bitstamp that marked the likeliness of the transactions being ODL. However, despite the heavy transactions ODL was limited only to the abovementioned exchanges.
Additionally, on October 6 another such instance was brought to attention by twitter user @hallwaymonitor. The transactions taking place between Bitstamp and Bitso were heavy on XRP. Almost 28 transactions were noted where the transacting amount exceed 28k XRP between the two exchanges, causing a spike in volume on Bitso.
However, it appeared that Cobb’s observation of these massive transactions has already left imprints on the charts denoting ODL progress. @hmatejx, on Twitter, shared the ODL statistics with the community to highlight the growth of the feature over time.
The chart noted the ATH of ODL in Q3, but also shows an increased demand in Q4 despite just 20 days in. Irrespective of the performance of XRP in the market, the demand for ODL transactions has been on a rise and noted a new ATH on October 19 with $1.25 million recorded in transfers.