Ripple’s native cryptocurrency XRP is now on Binance as a base-pair for trading a variety of crypto assets.
Finally, Ripple fans everywhere are receiving the Christmas gift they wished for. On the eve before eve, CZ was feeling the Christmas spirit as he announced via Twitter that Binance would list XRP as a quote (base) currency shortly.
We will be adding a couple trading pairs with XRP as the quote currency shortly.
And rename ETH markets to ALTS market. Running out of space on the UI.
— CZ Binance (@cz_binance) December 24, 2018
Binace Lists XRP as a Base-Pair
Binance, the world’s largest cryptocurrency exchange by daily trading volume previously offered trading pairs with Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and a variety of stablecoins.
With already 4 tiers of trading pairs, to avoid confusion in the user interface, Binance has changed the “ETH markets” to “ALT markets” which now includes both ETH and XRP base trading pairs.
To start, the exchange has listed two XRP trading pairs including TRX/XRP and XZC/XRP. Traders can expect more trading pairs to follow but will have to remain satisfied with TRON and Zcoin for now.
Solidifying XRP as the Standard?
There’s no doubt that Binance’s listing of XRP as a base-pair solidifies XRP as a viable cryptocurrency. For the longest time, ETH was the only alternative crypto asset for trading in the altcoin markets on Binance and now XRP will eat up part of that market.
Ripple has already surpassed Ethereum in terms of market cap and will now gain momentum in terms of daily trading volume. As Binance adds more XRP trading pairs, there will be an increase of XRP buyers and sellers which might result in a larger market cap for XRP.
Therefore, the gap between Ethereum and Ripple may widen and XRP’s second place ranking behind Bitcoin may become harder to overturn. However, there’s no saying how this will play out. We will have to see if this development has a negative or positive impact on the price of XRP when the trading volume increases with both XRP buyers and sellers.
Regardless of what effect this has on XRP’s price, the crypto asset now has another viable use case that gives the crypto utility. We can expect to see greater XRP adoption among cryptocurrency users and solidify the assets use case as a means of exchange.
Do you think the listing of XRP as a base pair will be positive or negative for the price of XRP? What XRP trading pairs will they add next? Let us know what you think in the comment section below.