Despite what several individuals within the crypto ecosystem rely on Ripple [XRP], there’s no doubt that it’s proved its temperament to hold in there and even outshine several of the other real cryptocurrencies following the ongoing bearish market cycle.
Earlier in Sept., when most of the crypto-coins suffered low volumes and regular declining prices, the Ripple community pumped the price of XRP up by over 200 percent and helped it achieve worth that it hadn’t seen since Apr 2018. This major run conjointly led to Ripple [XRP] overtaking Ethereum [ETH] as the second ranked cryptocurrency by market capitalization.
The sturdy performances placed forth by Ripple inspite of the present bear market is a testament to its growing popularity and relevance within the crypto ecosystem.
“Binance will add TRX/XRP and XZC/XRP trading pairs with XRP as the quote asset into the new Combined ALTS Trading Market (ALTS) at 2018/12/24 11:00 AM [UTC].”
This is indeed a very large milestone achieved for XRP. As CZ expressed, the addition of XRP as a base pair currently changes how traders view the altcoin markets. For the long run, Ethereum [ETH] was the single pair for the bulk of Altcoins, and so the majority outlined the altcoin market in worth matter of ETH. This was largely as a result of ETH was employed in collaborating in ICOs over the past 2 years.
Now with XRP, introduced as a base pair, the altcoin market can become a lot more diverse, that represents progress for cryptocurrencies as a full.
Ripple And Its Increasing Trading Volume
The addition of XRP base pairs ought to conjointly facilitate boosting the trading volume of XRP. Currently that traders can swap their Altcoins for XRP, additional XRP buyers and sellers within the coming future are expected. Whether this will have a positive or negative impact on the value of XRP, still remains to be seen but it ought to actually have an impact on the trading volume.
However, as far as market capitalization rankings, the addition of XRP base pairs could facilitate widen the $2 Bln gap that already exists between Ripple [XRP] and Ethereum [ETH], listing Ripple a lot more firmly within the second place position behind Bitcoin [BTC].
Ultimately, despite claims of centralization and lack of correct ‘utility‘, Ripple [XRP] is proving to be a valuable cryptocurrency amongst its supporters. Among the top-10 coins as they still develop their communities and compete for dominance, we might even see a lot more additional base pairs created on major exchanges for coins that achieve the similar level of recognition as Ripple [XRP].