Binance Lists XRP/USDT Causing Ripple Price to Surge

  • XRP surges 8% in just an hour and 24hr volumes rise to $635 million
  • The new paring offers traders direct access to a ‘safehaven’ asset which they can turn to during high volatility
  • Fiat pairings will likely reduce Ripple's strong price correlation with Bitcoin and improve the usecase of 'Ripple Gateways'

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.

Binance Ripple XRP USDT

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.

CryptoCompare Ripple XRP Market Share

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.