Binance, the world’s largest cryptocurrency exchange by traded value, has added Ripple’s XRP as a base currency, meaning that all the other cryptocurrencies would be paired with it.
Binance CEO, Changpeng Zhao a few hours ago sent out a tweet saying “We will be adding a couple trading pairs with XRP as the quote currency shortly.”
If this comes to fruition, XRP will surely get a further boost in price over the next few days, and it would probably solidify its current spot as the second crypto by market cap.
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.
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— CZ Binance (@cz_binance) December 24, 2018
At the time of writing, XRP was enjoying a 24-hour surge of 18 percent, a completely different change in scenario from yesterday when the cryptocurrency was almost unchanged. The coin was trading at $0.434 with a total market cap of $17.7 billion and a 24-hour market volume of $1.51 billion.
Adoption of XRP has begun in several exchanges, and it defies the trend of using Bitcoin or Ethereum as sole base currencies. The move comes as cryptocurrency exchanges are beginning to copy the safeguards commonly used by their mainstream counterparts after a steady stream of hacks, asset thefts, and technical issues. The XRP protocol is seen as the most sophisticated in this context as it is already adopted or tested by several big banks.
The base unit is the currency using which users can buy the other quoted cryptocurrency. In this scenario, users can buy currencies on the platform using their reserves of XRP. Prices will be calculated against the price of XRP for a crypto-to-crypto trading experience.
Although Ripple is regularly grouped with other cryptocurrencies, its purpose is different as it also operates a decentralized payment settlement solution for banks and financial institutions that is fast and scalable. Because its xRapid solution has a much shorter transaction time, there have been major companies testing the product such as Western Union and Moneygram, but none have committed to it fully.