Binance announced they have listed the XRP/USDT trading pair, the listing has caused the XRP/USDT market to surge 8% in just an hour. The listing has been welcome news for Binance traders as the most liquid XRP market on Binance was the XRP/BTC pair. The new paring offers traders direct access to a ‘safehaven’ asset which they can turn to during high volatility.
According to data from CryptoCompare, the markets reacted very positively and jumped 8% in just an hour. With volumes substantially increasing across all XRP markets in the last 24 hours to $635 million.
Ripple to Fiat Markets are Growing
Ripple has been public about its intentions to grow the liquidity and distribution of its native token ‘XRP’. As such it has been aggressively making markets with a heavy focus on the XRP to fiat pairs.
With the aim of providing a stable source of liquidity, which in turn strengthens the Ripple use case and their Ripple gateway product.
Miguel Vias, the head of XRP markets at Ripple, has been vocal in his mission to improve the XRP markets and reduce its dependence on Bitcoin. In only 12 months, the XRP/BTC market share has fallen to less than 25%. The Binance XRP/USDT listing will likely push this sub 20%, Ripple advocates hope this will lessen the strong price correlation between BTC and XRP that currently exists.
Very happy to see markets coming to this conclusion. Not only is XRP the best digital asset for fiat transfers, but crypto transfers too. Great, great stuff. #xrpthestandard #0doubt https://t.co/Oz8KlqL2JY— Miguel Vias (@miguelvias) April 30, 2018