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XRP transactions of 28,000 XRP each flood Bitso exchange

Manu Naik

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Source: Pixabay

With partnerships with payment giants like MoneyGram, Ripple’s XRP has garnered a significant surge in its volume on Bitso by 25% via XRP/MXN. Financial institutions send fiat to the Bitso Exchange and further administers trades via Ripple’s xRapid. Additionally, some unusual activity was pointed out as transactions between Bitstamp and Bitso witnessed a first-time spike.

Source: Twitter

Source: Twitter

A Twitter user @hallwaymonitor2  noticed this anomaly and elaborated on the same. The tweet read,

“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.”

A total of 28 XRP transactions had taken place and every transaction was over 28k XRP, considering the transactions that were initiated on October 6 , till press time from Bitstamp to Bitso. The spike in the volume of XRP on Bitso could be attributed to this as the value of these transactions was around 28,368.12312 XRP and might have swamped the exchange with XRP orders.

Source: Twitter

Source: Twitter

Several analysts speculated the reasons for the rising volume of  XRP in the Mexican hallway. One of them was Twitter user @hmatejx, who came up with conjectures about the same and suggested that someone generating this spike through a chart illustrating the trend since the origin of execution of trades.

@hmatejx‘s tweet read,

“XRP On-Demand Liquidity: the ususal suspects transferred more than $1.2M transferred from Bitstamp to Bitso.
Someone is ramping up… 🤔

 

Source: Twitter

Source: Twitter

Four occurrences were highlighted in the rising chart as there was scarcely any notable volume, succeeded by tall spikes. Considering earlier statistics, the volume of BTC/MXN was surpassed by XRP/MXN on Bitso.

An all-time high was recorded in September this year on the Bitso liquidity index for XRP/MXN trading volume compared to BTC/MXN

Manu is a full-time journalist at AMBCrypto covering the US and Indian markets. A graduate in engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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Gemini shines; Binance, Coinbase fall in CryptoCompare’s exchange rankings

Chayanika Deka

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Source: Pixabay

Major cryptocurrency exchanges, Binance and Coinbase, have slipped in the revised version of a cryptocurrency exchange ranking list. The data, compiled by crypto-asset data provider CryptoCompare, was titled ‘CryptoCompare Exchange Benchmark Q3 2019,’ and used a new metric for the latest edition. The tool, dubbed the ‘Exchange Benchmark,’ rested on 30 factors, including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.

Released on 19 September, Winklevoss twins’ crypto-platform Gemini dominated the chart and was graded AA, followed by ItBit at second, Coinbase at third, and Kraken on the fourth position. Notably, Coinbase had previously dominated the June crypto-exchange rankings and was rated AA. Bitstamp, Liquid, OKEx, Poloniex followed suit, and were rated A.

Bitfinex, one of the world’s largest Bitcoin exchanges, was ranked 10th and graded A. Interestingly, Bitfinex wasn’t even in the top 10 of the previously released rankings.

Binance was positioned as the 12th most-trusted exchange with 10.5 points awarded for security. The Malta-based platform slipped four positions since June, when the exchange was ranked 8th. The reason behind the same may be in light of the security breach in May, wherein 7,070 Bitcoins were stolen by hackers in a single transaction.

Additionally, the updated Exchange Benchmark noted that top-tier exchanges graded between AA-B accounted for 33% of the global trading volume. However, lower tier exchanges rated between C-E made up for 67%.

Talking about the Exchange Benchmark tool which is essentially meant to combine both qualitative and quantitative metric data without using volume directly, Charles Hayter, Co-founder and CEO of CryptoCompare, said,

“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”

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