Binance adds XRP as base pair – price rise of 18%
In recent weeks, especially in recent days, the XRP community has had heated discussions about whether and when Binance will add the crypto currency XRP as a basic trading pair. As Binance CEO Changpeng Zhao has now confirmed as a “Christmas present”, XRP will be launched as a base pair on the world’s leading crypto currency exchange.
The announcement follows an unshakeable campaign by the Ripple and XRP community that spent months lobbying and asking Zhao to list XRP as an exchange pair for many other crypto currencies.
With Hashtag #XRPthebase, Ripple and XRP supporters have urged Binance to believe that adding XRP as a base pair is an excellent solution for crypto currency trading due to the speed of the digital asset. They also say that the broad acceptance of XRP as a base pair could reduce the market’s overall dependence on Bitcoin’s price.
The persuasion now seems to have paid off. Zhao did not tweet which coins are paired with XRP. However, they will be prioritized crypto currencies donated to the Binance charity fund. Thus, it can most likely be assumed that leading crypto currencies will be listed with XRP.
We will prioritize adding more pairs for the projects that have donated to our charity at this (even thought we never mentioned this during our fund raising efforts). Happy holidays!
– CZ Binance (@cz_binance) December 24, 2018
As a result of this decision, the Binance user interface will also change somewhat. As there is “no more space”, ether pairs will be renamed to “alts”, which should reduce the confusion of users at the stock exchange.
Effects on the cryptographic market
XRP is currently the second largest crypto currency by market capitalization, after Bitcoin. Bitcoin’s “lead” is very clear, with a market capitalization of 74.4 billion US dollars and a market dominance of around 51%, compared to XRP with a market capitalization of 17.3 billion US dollars and 11.9%.
It remains to be seen how XRP acceptance as a base pair will affect the markets, affect stability or create confidence among crypto traders. So far, there is no precise date when Binance will implement XRP as a base pair.
As a result of the announcement, however, XRP is already one of the biggest winners of the last 24 hours, at least today. XRP can record a price increase of around 18 percent (at the time of writing). Currently, an XRP is traded for 0.4373 USD.
