Cryptocurrency exchange Binance will open trading of two pairs using Ripple (XRP) as the quote currency, a blog post confirmed Dec. 24.
Binance continues to expand its token offering in Q4, focusing heavily on fiat-pegged stablecoins. Earlier this month, developers launched a subsequently delayed range of pairs using USD-pegged stable coin asset TrueUSD (TUSD) as the quote currency and added it to the Stablecoin market.
Binance To Support XRP As A Base Pair
Over the past weeks, specifically over the past few days, the community surrounding XRP, the second-most valuable cryptocurrency by market capitalization, has rallied to its side, asking Binance, the world’s foremost exchange, to list the asset as a base pair.
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
As Binance’s UI is reportedly running out of space, Ether pairs will be renamed to “ALTS,” likely to reduce confusion for users on the exchange. Set to launch the same day, the TRX/XRP (Tron) and XZC/XRP (Zcoin) pairs represent the first time for Binance to use XRP as the base currency.
Commenting on the future token pair listing policy, Zhao said assets whose developers had contributed to Binance’s Blockchain Charity Foundation would receive more favourable consideration.
As of press time, Binance itself is the largest crypto exchange in the world by adjusted daily trade volume, seeing over $1.2 billion in trades over the last 24 hours.
XRP and Binance Market Cap – Upsurge
With this, at press time, XRP touched $0.45 and has gained 15.69% in the last 24hrs. Moreover, Binance looks amazing with 31.45% growth during 24hrs, standing strong with the total market cap of $1,182,810,486.
Steven Diep, a prominent and well-informed member of the Ripple and XRP community stated:
“This news is bigger than XRP being listed on Coinbase”
Given the way XRP started the year, with a meteoric rise to $3.80 during the crypto bull run which was catalyzed by rumours of a Coinbase listing, it would be somewhat ironic if the currency finishes the year on an upswing induced by Binance. With the community pressure mounting and the practicality of an XRP base pair obvious–in conjunction with the coin sitting comfortably one spot below Bitcoin in total market capitalization–it could just be a matter of time before Binance adds all the major coins to XRP base pairs.
While XRP has suffered alongside the rest of the crypto market during 2018’s bear cycle, the coin is well positioned to improve in 2019 and beyond as a host of partnerships, including Western Union and Moneygram, look to push the currency into the mainstream.