Ripple has been doing incredibly well this year, and recent additions of the XRP token into different platforms have been pushing the token into improved adoption in the financial industry. After announcements came of xRapid’s Testnet and usage from other Ripple Network banks, Coinbase followed with their own news – they had been approved for operating as a limited trust company.
Though this news seems like it is just a good thing for Coinbase alone, it affects Ripple and XRP as well. A DEF-approved subsidiary will support XRP via Coinbase, due to the new approval from the New York State Department of Financial Services.
Even though there are rumors that XRP was recently denied for a listing on Coinbase, it seems that the new DEF support could make it possible. The rumors never seemed to have any substance, considering that neither side ever confirmed the denial. However, the fact that Ripple is receiving support from Coinbase via the subsidiary, Coinbase Custody TrustCompany LLC, has been confirmed. XRP will have the option of using custodial services, but there will not be an option for purchase right now.
The subsidiary supplies the necessary support for every currency on Coinbase, even for XRP, despite having no listing. There is no information about if ZRX has support from the Coinbase Custody Trust Company, but rumors suggest that the support for XRP could be indicative of an upcoming listing.
Wirex, a service that provides crypto-based debit cards, will be bringing services to the States too, which means that XRP tokens will soon have the ability to be spent via debit card, offering even further adoption. Wirex already offers Ripple Labs support, allowing for three USD pairings – Bitcoin, Litecoin, and Ethereum. Experts believe that the transition to the US will cause more demand from the public to have Wirex support the XRP token as well.
Changelly is also major part of the adoption XRP is experiencing. They are in a partnership with SimplexCC, letting users switch both USD and EUR into XRP, pushing Ripple into even better momentum. The most important aspect of Changelly, at least for Ripple, is the use of both VISA and Mastercard with the service, promoting adoption of the entire cryptocurrency world. With 3.5 million active users, this could be the push that Ripple needs to see how far their token can truly go. The only disadvantage to the service seems to be the high fees, which can be at least 5% of the transfer.
Regardless of how much adoption is improved through the help of these three entities, XRP is expected to become more appreciated, despite the bearish market surrounding it. Custodial support with Coinbase Custody TrustCompany, Wirex’s services, Changelly, and even SimplexCC makes XRP a coin to watch.
At the time of this report, Ripple’s XRP is currently trading at $0.457353, and has gone down 0.35% in the last 24 hours.