Ripple partnered with several financial institutions all over the world this year. The firm recently released its Q3 report in which it discovered a surge in the demand for its On-Demand Liquidity [ODL] formerly known as xRapid. This platform helped in leveraging XRP to source liquidity for cross-border transactions.
Ripple’s report further read,
“Ripple customers live with ODL, including MoneyGram and others, increased by 75% last quarter and dollar volume on ODL increased more than five times from Q2 to Q3.”
This surge that the firm has incurred is mostly due to the several partnerships that the firm has been making. Ripple also seems to be headed toward global expansion following the support of the development of ODL from the acquisition of team Algrim as the firm established its engineering centers in Iceland.
Even though Q4 of 2019 just started, @hmatejx took to Twitter and shared stats pertaining to ODL as the user revealed the quarterly amount on ODL in the last four quarters of 2019.
Furthermore, the data was affirmed by the Q3 report that recorded a remarkable surge in terms of ODL use since quarter 1. The report revealed that the platform was barely used in the first quarter of 2019. Additionally, XRP/MXN noted an all-time high in Q3 while XRP/MXN volume soared up on cryptocurrency exchange Bitso on 14 October. The liquidity of the aforementioned pair was 11% higher than its former ATH.
Litecoin’s ailing price prepares for breach of descending channel
Litecoin noted a sharp fall on 15 November, a fall that caused its price to fall from $59.97 to $55.63. This 7.24% fall was followed by the price of the coin climbing up. However, it fell soon after the rise. The price of Litecoin at the time of writing hovered at around $58.07 with a market cap of 3.75 billion, while noting a trading volume of $2.90 billion.
Despite the falling price, however, Litecoin noted the formation of a bullish pattern that might provide a boost to its price.
The hourly chart for Litecoin [LTC] saw a descending channel extending along with the falling price. The pattern, characterized by two sloping trend lines, marked the lower highs of LTC at $60.26, $59.16, and $59.03 and lower lows at $59.38, $58.94, and $58.53. As the price remained constricted within the downward trend, a breach in the pattern might lead to the price of LTC surging.
The 50-day moving average underwent a crossover with the 100-day moving average, indicating a bullish move. The 100-day moving average dominated the LTC market for over five days and the coin lost 4.08% of its value. However, with the 50-day MA leading the charge, an upward surge might be coming soon.
The MACD indicator noted strong bearish momentum in the market, as the MACD line remained dormant under the signal line. On the other hand, the Relative Strength Index highlighted a change in tides as the signal line bounced back from the oversold zone and was pointing up.
Litecoin’s falling price might find respite with a breach of the descending channel. However, the coin might undergo further devaluation before it could note a spike.