It looks like things are still firing on all cylinders for XRP. Although the digital asset suffered a big price drop recently, its trading volume is not diminishing. This is also partially due to the Bitfinex trading platform enabling XRP support as of this week. This is quite significant news for anyone owning XRP. It remains to be seen how this news will affect the digital asset’s value, though.
Bitfinex Takes The Plunge on XRP
It is quite interesting to see exchanges scramble to add XRP. Without the recent price gains, very few platforms would have considered doing so. It is evident companies expect a lot of trading volume for XRP moving forward. Moreover, this creates more opportunities for people to move funds off Poloniex. Even though that platform is a leading exchange, their recent issues have caused a lot of negative attention.
To be more specific, Poloniex has dealt with multiple outages these past two weeks. Nearly all of these incidents occurred when XRP trading was reaching a new all-time high value. To some people, this is a mere coincidence. However, it is evident people are actively manipulating the XRP price. With exchanges seemingly lending a helping hand, that process only becomes easier.Price suppression is a very real problem for XRP right now, that much is evident.
Regardless of these thoughts, it is evident XRP continues to attract a lot of attention. Having Bitfinex list the trading pairs for XRP is quite significant. Growing demand from customers ensured the company would enable this trading market sooner or later. With XRP trading live on Bitfinex right now, it will be interesting to see how much volume the platform can generate. Users can trade XRP against Bitcoin and the US Dollar.
It is also believed Bitfinex will enable XRP margin trading in the future. This change will be introduced as soon as the order book builds up some much-needed liquidity. Bringing enough trading volume to this platform will take a few days, though. Although this news may not impact the digital asset’s value right away, it is a smart decision by Bitfinex. XRP is one of the hottest trading assets right now, and providing additional liquidity is never a bad thing.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.