Ripple has been actively pushing its technology using the digital asset, XRP in the traditional market. With traditional money transfer companies like MoneyGram adopting XRP, XRP/MXN volume saw a noticeable spike on Bitso by 25%. However, an anomaly was noticed as transactions between Bitstamp and Bitso registered a never-seen-before spike.
Bitso Exchange accepts fiat from financial institutions and executes trades via Ripple’s xRapid. Twitter user @hallwaymonitor2 reported an oddity in this behavior through a tweet:
“DT 25370527 from Bitstamp to Bitso recently changed its behavior. It used to send big txs randomly. Now it sends 28k-30k XRP txs almost like heart beat.”
After looking into the transactions taking place on October 6 [till press time] from Bitstamp to Bitso, it was found that a total of 28 XRP transactions took place and each of these transactions was over 28k XRP. The value of these transactions revolved around the amount of 28,368.12312 XRP and may have flooded the exchange with XRP orders, causing a spike in the volume of XRP on Bitso.
Other analysts on Twitter paid heed to this rising volume of XRP in the Mexican corridor. @hmatejx, on Twitter, speculated someone causing this spike through a chart explaining the trend since the beginning of execution of trades.
“XRP On-Demand Liquidity: the ususal suspects transferred more than $1.2M transferred from Bitstamp to Bitso.
Someone is ramping up… 🤔”
The rising chart highlighted four instances where there was barely any significant volume, followed by tall spikes. When previous statistics were taken into consideration, XRP/MXN volume had briefly surpassed BTC/MXN volume on Bitso. In September 2019, Bitso liquidity index recorded an all-time high XRP/MXN trading volume compared to BTC/MXN.
xRapid transactions have not slowed down in recent bear markets; according to independent XRP enthusiasts on Twitter, the xRapid volume witnessed a massive spike, especially after the MoneyGram partnership. Although there is no definitive data to confirm these transactions being executed via xRapid. The above data could be connected to xRapid transactions since Bitso and Bitstamp are known to be xRapid corridors for Mexico and the U.S., respectively.