XRP is the cryptocurrency created by Ripple Labs. It was already pre-mined when it went live, and it’s been a coin with a purpose since the beginning. The point in XRP is for it to become the mediating currency that will allow the world’s financial system to leave the old SWIFT system behind and to settle all international payments using Ripple’s blockchain technology.
Ripple has been looking to achieve that goal with a laser-like focus for years now, and they’ve scored some critical successes. That has implications. XRP was not originally meant to be the kind of cryptocurrency you and I can use, like, say Bitcoin.
It’s not supposed to be a way to store value or to make retail payments. Banks are the ones who should be buying it so they can send USD from the USA to Germany and where they can easily, safely and quickly, be collected as Euros, just to give you a very simple example.
Well, that’s changing. Ripple’s leadership has realized that diversifying XRP’s appeal can only drive the token’s price up, by creating new demand, and they’ve been looking for new strategic partnerships outside banks, remittance services, and financial institutions.
Among those developments is a debit card (a physical plastic card) that allows you to use your XRP currency to pay for goods as services just as easily as if it was your local fiat currency stored in your savings account. So Ripple is reading the writing in the wall and moving forward. That’s why today’s news is so important.
And the news is this: Bitrue, a crypto exchange, and trade system just announced it’s adopting XRP in all their platforms but not just as any other coin but as a trading pair. What does this mean?
❤️#XRP Trading Event has started❤️
Check it here: https://t.co/pH19S00ndQ
🎉All #Bitrue platforms support #XRP trading pairs NOW
⭐TWO EVENTs for all users😉
1️⃣📌50% DISCOUNT for all XRP-related trading
2️⃣For users who hold XRP, non-XRP trading could get Trading FEE Discounts pic.twitter.com/MQuAm2hD7s— Bitrue (@BitrueOfficial) October 19, 2018
Well, if you’ve done any trade in crypto you probably already know that you can’t just buy any coin you want out of the box.
You need to buy some Bitcoins (or some other of the handful of coins that are available in that way) then bring your coins to your exchange of choice, and then you trade your BTC for the cryptocurrency you actually want.
If you’d like to get into Cardano’s or Tron’s action right now, that’s what you would need to do. The critical fact about this new announcement is that XRP is going to be one of those few, selected, currencies you can now use at Bitrue so you can get ahold of other currencies.
This is huge news because this kind of pairing is very influential in the crypto market. For instance, most trades are done with Bitcoin as a trading pair. Which means that Bitcoin’s volatility and the high price can affect negatively (or positively) the tokens of many other projects in which there is not a problem in the token particularly but the financial mechanism you must use to buy it.
Bitrue’s new move is going to make XRP one of those coins which make the market run, which is an excellent step for Ripple, and XRP holders. There is further relevance in that Bitrue’s platform is available for all mobile devices.
The preferred currency pairings are XRP/BTC, XRP/ETH, XRP/USDT, ETC/XRP, ETH/XRP, GTO/XRP, KNC/XRP, LINK/XRP, LTC/XRP, QKC/XRP, WAN/XRP, WTC/XRP ZRX/XRP. We would like to see further pairings with Tron, Cardano, EOS, Stellar, Electroneum, and many others, but this is only the starting point.
XRP is slowly but surely becoming one of the big boys. Keep an eye out for it!
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Jill111/Pixabay
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