Ripple is one of the most widely used cryptocurrencies in the world. The company has already entered into partnership agreements with more than a hundred banks, and their number is constantly growing. Nevertheless, this has little effect on the course of XRP, largely due to the fact that the coin is associated with the first cryptocurrency. A significant percentage of the volume of trade Ripple occurs in bitcoin, due to which the currency falls in price. CEO Ripple, Brad Garlinghouse, on this occasion said:
“The correlation between the XRP course and the BTC course is high, but in the end, it’s independent open source technologies.”
XRP will be paired with the currencies
Most likely, everything will change in the near future. More and more crypto-exchange exchanges are adding trading pairs of fiat currencies to digital exchanges, which is why the price correlation between bitcoin and altcoin will fall. For example, one of the largest crypto-exchange exchanges, which has more than 3 million customers, Bittrex, has added the possibility of fiat trade in certain territories of the United States. In the future, it is planned to extend the opportunity to all customers. Binance, in turn, announced the launch of trading pairs Ripple (XRP) with BinanceCoin and TrueUSD.
One of the main news in the light of Ripple’s secession from bitcoin is the upcoming launch of a platform for trading virtual currencies from SBI. On the platform site as an asset, only XRP is marked, without any mention of other crypto-currencies. Apparently, Ripple will be the main cryptocurrency for the stock exchange.
Why is it so important for Ripple to get rid of bitcoin
Among all the digital assets that are gradually getting rid of bitcoin, Ripple is likely to win the most, as compared to other market participants, XRP is the most in demand. For a while, Ripple began to partner with one of the largest banks in Kuwait, and before that, many deals were made in the UAE and in many other countries around the world. Nevertheless, according to Garlinghouse, the crypto-currency market is still too young and irrational.
It is worth noting that, with this combination of circumstances, the probability that the XRP rate will rise is extremely high. That is why, while prices are not so high, buying this coin would be a reasonable solution. Due to such wide application and development of Ripple, one can expect that as soon as the cryptocurrency is freed from the influence of bitcoin, it will be able to rise up to $ 10 this year already.