Binance to Add XRP As Base Pair Against Some Cryptocurrencies as Ripple Investors Rejoice
Binance, one of the largest and most popular cryptocurrency exchanges in the space will be adding XRP as a base pair. The decision was recently announced on Twitter by Changpeng Zhao, the CEO and Founder of the crypto exchange.
According to Mr. Zhao, they will be adding some trading pairs being XRP the quote currency. Furthermore, ETH markets will be renamed to ALTS market since they are running out of space on the UI.
In another tweet, he said that they will be prioritizing more pairs for projects that donated to the charity. However, he explains that they have never mentioned this during the fundraising efforts.
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
This decision to list XRP as a base currency on Binance is very positive, not only for XRP and the exchange but also for crypto users around the world. It will be possible for investors to move funds between exchanges without effort, paying low fees and without waiting long periods of time as with other virtual currencies.
The XRP community has always been aking Changpeng Zhao and Binance to add support for XRP as a quote currency. One of the main tweets of this campaign dates from August from the Twitter user @C3_Nik. He wrote that they would like to see XRP as a base asset on Binance. The tweet received more than 2,400 likes and more than 2,000 RT.
Please do it @cz_binance !
— C3|Nik (@C3_Nik) August 9, 2018
During the last months, XRP supporters have also been sending messages to Changpeng Zhao under almost every single comment he made on Twitter. This shows how active the XRP community is and how they are able to influence some important decisions.
A few days ago, Changpeng Zhao said that XRP did not look like a security. There has been a debate regarding whether or not XRP can be considered a security. The U.S. Securities and Exchange Commission (SEC) has mentioned that Bitcoin (BTC) and Ethereum (ETH) are not securities. However, it did not mention XRP. This led to a higher level of uncertainty in the market. Apparently, Coinbase and other virtual currency exchanges did not list XRP due to the lack of clarity regarding this issue.
Nevertheless, Binance is running ahead of competitors. This decision will be clearly positive for Binance that is trying to expand in this bear market that affected most of the space. Binance is the largest cryptocurrency exchange in terms of trading volume. In the last 24 hours, it handled $1.23 billion dollars in trading volume. The main trading pairs were BTC/USDT, ETH/USDT and XRP/USDT, accounting for 35% of the total trading volume of the exchange. Furthermore, Binance has more than 400 different trading pairs on its platform, allowing it to cover the needs of many enthusiasts in the crypto space.
At the time of writing, XRP is the largest gainer among the top 59 virtual currencies. It has registered an increase of 19.79% in just 24 hours. Each XRP can be purchased for $0.4417 and it has a market capitalization of $18.02 billion. Most of the virtual currencies in the market are registering gains during the last day.
This is very important for XRP that was able to reach the second place in the market. This would allow it to settle its position and keep growing in the future.